EMCC European Monitoring Centre on Change

VR Kreditwerk

VR Kreditwerk

Geographic Location

Country: Germany
Region: Hamburg
Location of affected unit(s): Hamburg


Sector: Financial services
Financial and insurance activities
66 - Activities auxiliary to financial services and insurance activities
Number Employed: 340
Group: Schwäbisch Hall/DG Hyp

Employment Effects

Announcement Date: 03-12-2007
Planned Job Reductions min: 300
Planned Job Reductions max: 300
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-01-2008
Foreseen End Date: 31-12-2008

Additional Information

VR Kreditwerk, a firm that provides consultancy to firms in the financial services sector, has announced that it is to cut 300 jobs at its headquarters in Hamburg. 340 are employed at the Hamburg site, and the job losses will be implemented by the end of 2008. VR Kreditwerk is an affiliate of the building society Schwäbisch Hall AG and the saving and loan association DG Hyp. The job losses at VR Kreditwerk follow DG Hyp announcing a cost reduction programme in November 2007. As a result of this programme by DG Hyp, VR Kreditwerk decided to cut jobs at its Hamburg site. As of December 2007, Kreditwerk and DG Hyp are establishing a social plan for those employees affected.