Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Planned Job Reductions min:
Planned Job Reductions max:
Type of Restructuring:
HVB Group, Germany's second-largest bank, said it plans to eliminate up to 2,400 jobs after having announced a loss of 2.28 billion ($3 billion) in 2004. The reduction of between 2,200 and 2,400 jobs, or about 4% of the overall workforce, will help the company lower expenses by at least 280 million annually, Munich-based HVB said in a statement on the Frankfurt exchange newswire. The latest job losses, bring the total announced in the past four years to 13,400. The job cuts will affect mostly back-office jobs in Germany, said Klaus Grünewald, a member of HVB's supervisory board.
25-02-2005Frankfurter Allgemeine Zeitung
25-02-2005Financial Times Deutschland