November 6, 2018 / 2:26 PM / 10 months ago

HSH Nordbank considers slashing jobs after takeover by buyout funds -sources

FRANKFURT, Nov 6 (Reuters) - HSH Nordbank is considering slashing hundreds of jobs after it was taken over by buyout funds Cerberus and J.C. Flowers earlier this year, three people close to the matter said.

The bank is discussing possible cost cutting measures which may see the total number of jobs eventually decrease to below 1300 from currently 1760, they said.

Ten years ago, HSH counted roughly 5000 staff.

Chief Executive Stefan Ermisch has said that the bank's back office unit was too large and that the company needed leaner structures to become more profitable.

The bank on Tuesday declined to comment on expected job cuts.

HSH Nordbank, which was twice bailed out by the state, is expected to cost taxpayers 10.8-14 billion euros.

Reporting by Klaus Lauer; writing by Arno Schuetze; editing by Thomas Seythal

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