FRANKFURT (AFX) - WestLB AG is planning to lay off around 400 workers in the next three years, the Financial Times Deutschland reported, citing unnamed industry sources.
In addition, the bank will ask some workers to reduce their working hours to 80 pct of the full time, the newspaper wrote.
A spokesman for the bank declined to comment on the matter.
The job cuts are more moderate than what had been earlier feared, with lay-offs estimated to range as high as 1,000, said the newspaper. Tyler.Sitte@afxnews.com ts/amk/ma COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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