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Report: LBBW to cut about 1,000 jobs


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Report: LBBW to cut about 1,000 jobs

will cut about 1,000 jobs in the next few years, including 830 full-timepositions, the Stuttgarter Nachrichten reportedApril 12, citing CEO Hans-Jörg Vetter.

Thecuts reportedly include 380 full-time jobs at unit . LBBWemployed 11,120 people at the end of 2015, the report noted.

LBBWsaid the same day that it is working on the "increased digitization"of its services as well as projects that will "make the processing ofloans faster and less expensive through greater standardization." Thecompany added that BW-Bank's digital offering will also be expanded "andthe branch network adjusted."

Vetter,who will step downfrom his role in the fall, said in the press release that these projects areexpected to cost more than €400 million by 2020 and will "allow us tosafeguard the bank's future viability."

Stuttgarter Nachrichten quoted him as saying LBBW"is not interested in any mergers" but that the lender isnevertheless expecting to increase its total assets after downsizing forseveral years.