EMCC European Monitoring Centre on Change



Geographic Location

Country: Germany
Region: München, Kreisfreie Stadt; Oberbayern; Bayern


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 26000
Group: Unicredito

Employment Effects

Announcement Date: 13-06-2005
Planned Job Reductions min: 2000
Planned Job Reductions max: 2000
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-07-2005
Foreseen End Date: 30-06-2008

Additional Information

After Hypovereinsbank and Unicredito have agreed to merge, Hypovereinsbank has announced a new cost-cutting programme. On top of job losses announced in February 2005, the merger will lead to the loss of 2,000 jobs at the German operations of Hypovereinsbank. Merger-related job losses have also been announced for Eastern Europe, Italy and Austria. No announcements were made as to how the job-cutting is to be implemented.