EMCC European Monitoring Centre on Change

Norddeutsche Landesbank

Norddeutsche Landesbank

Geographic Location

Country: Germany


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 6000

Employment Effects

Announcement Date: 30-05-2017
Planned Job Reductions min: 1250
Planned Job Reductions max: 1250
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2020

Additional Information

On 30 May 2017, the German federal state bank Norddeutsche Landesbank (NordLB) announced to cut 1,250 jobs by 2020 in Germany. NordLB has been struggling due to losses in its shipping loan business. Furthermore, the job cuts are also a consequence of the merger with the Bremer Landesbank. The management announced that it is trying to avoid compulsory redundancies, but could not rule them out completely. The United Services Union wants to receive the mandate for the negotiations; about 13% of the NordLB employees are members of the United Services Union. The company is also looking into the possibility of selling subsidiaries and share holdings.

NordLB employs 6,000 staff members.