EMCC European Monitoring Centre on Change

WestLB

Company/Organisation:
WestLB

Geographic Location

Country: Germany

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 8000

Employment Effects

Announcement Date: 17-09-2003
Planned Job Reductions min: 1800
Planned Job Reductions max: 1800
Type of Restructuring: Internal restructuring
Foreseen End Date: 01-12-2005

Additional Information

The number of employees at WestLB will be reduced from 8000 to 6200 by the end of 2005. The goal of this operation is to reduce the personal costs by 500 million euros by the end of 2005 (above another costs reduction of 540 million euros).