EMCC European Monitoring Centre on Change

Sparkasse Frankfurt

Company/Organisation:
Sparkasse Frankfurt

Geographic Location

Country: Germany
Region: Frankfurt am Main, Kreisfreie Stadt; Darmstadt; Hessen
Location of affected unit(s): Frankfurt am Main

Company

Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation

Employment Effects

Announcement Date: 24-06-2021
Planned Job Reductions min: 140
Planned Job Reductions max: 140
Type of Restructuring: Closure
Employment Effect Start: 24-06-2021
Foreseen End Date: 30-06-2024
Planned Job Creation: 50
Other Job Reduction Measures: 140

Additional Information

As announced on 24 June 2021, the German financial institute Sparkasse in Frankfurt will dismiss 140 full-time employees by 2025 due to internal restructuring. The affected positions relate to staff of the branches (60%) as well as to employees at the headquarters (40%). The step is related to the planned closure of 17 out of 60 branches until the middle of 2024. Furthermore, Sparkasse Frankfurt will be creating around 50 new jobs for digital consultations. Sparkasse Frankfurt expects that only 20% of its customers will be using its branch system in the future. Consequently, Sparkasse Frankfurt is optimising its processes and will focus on online banking with the premise to reduce its annual personnel costs by €10 million.  

Currently Sparkasse Frankfurt has 1,400 employees in Germany.  

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