EMCC European Monitoring Centre on Change



Geographic Location

Country: Germany
Region: Nordrhein-Westfalen


Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 2600
Group: Portigon

Employment Effects

Announcement Date: 19-04-2013
Planned Job Reductions min: 1790
Type of Restructuring: Internal restructuring
Employment Effect Start: 20-04-2013
Foreseen End Date: 31-12-2013

Additional Information

Portigon, successor group to former landesbanken WestLB, will cut more than 1,400 jobs by the end of 2013. This is due to a weak order position. As announced, 2,450 workers will be made redundant in the next 3 years. By the end of 2012, Portigon employed 2,600 people. This will be reduced to 150 by the end of 2016. Additionally, Portigon aims to outsource 360 jobs in its IT section and will employ 500 employees in a service company. Forced redundancies are not ruled out.

The European Commission ordered WestLB to cease operations in June 2012 as a condition tied to the 17 billion euros in state aid received following the global financial crisis.