Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
As announced on 14 January 2021, the German bank Landesbank Baden-Württemberg (LBBW) will be cutting approximately 700 jobs until the end of 2024 due to internal restructuring. Bank's CEO confirmed the number of cuts, which is equivalent to 7% of the entire workforce. LBBW intends to reduce costs by €100 million compared to 2019. Further information such as the location of cuts and information on a social plan were not conveyed by the CEO. However, employees hope that cuts will be achieved via early retirement programmes and as socially acceptable as possible. According to the CEO, the COVID-19 crisis was not the reason for the job reduction - rather an accelerator to examine the company’s strategy. LBBW has approximately 10,111 employees and 100 branches in Germany.
In 2019, the bank announced plans for business expansion with 125 new jobs at new branches.
Eurofound (2021), Landesbank Baden-Württemberg (LBBW), Internal restructuring in Germany, factsheet number 103011, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103011.