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Report: NORD/LB may cut up to 1,000 jobs


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Report: NORD/LB may cut up to 1,000 jobs

German lender Norddeutsche Landesbank Girozentrale reportedly is looking to cut up to 1,000 jobs, including 500 at its headquarters in Hanover and a further 400 at its office in Bremen, WirtschaftsWoche reported June 9, citing insiders.

The bank also plans to cut around 100 jobs abroad, mainly at its office in Singapore. NORD/LB employs some 6,000 people globally, the newspaper noted.

The personnel reduction is reportedly part of a plan to shrink the size of the troubled bank, which reported a consolidated net loss of €1.96 billion for full year 2016, as loan loss provisions rose to €2.96 billion from just €698 million in 2015. The bank has said no decision has been made about which business units or locations would be affected by the reduction, which could reach 1,250 jobs in total, the source said.

"I do not believe that the reduction would be possible without forced layoffs," an insider told WirtschaftsWoche.