Financial service provider Norddeutsche Landesbank announced it plans to cut 2,800 jobs out of 5,300 by the end of 2023. The company stated that redundancies would be completed on a voluntary basis (by early retirement or voluntary departure) and no job had to be cut "due to operational reasons". The bank had run major deficits in 2019 due to non-performing loans in the shipbuilding sector. Norddeutsche Landesbank received a bailout package worth €3.6 billion in 2019 from the group of Sparkassen savings banks as well as the Lower Saxony regional government after coming under pressure to make good shortfalls in regulatory capital. This aid was subsequently approved as compliant with EU state aid rules. In addition to the job cuts, the bank is also restructuring its business and investing around €500 million in a new digitalisation initiative and new IT-systems.