EMCC European Monitoring Centre on Change



Geographic Location

Country: Germany


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Group: HVB Group

Employment Effects

Announcement Date: 24-02-2005
Planned Job Reductions min: 2200
Planned Job Reductions max: 2400
Type of Restructuring: Internal restructuring

Additional Information

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.