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Germany's 2nd Biggest Property Financier Lays Off 1200

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Postbank to axe 1,200 jobs by end 2007

FRANKFURT (AFP) - Postbank, the banking arm of the semi-privatised German postal service Deutsche Post (Xetra: 555200 - news) , is planning to cut nearly 1,200 jobs by the end of next year, a source close to the company said.
Referring to a report in the financial daily Boersen-Zeitung which had said 1,200 jobs faced the chop, with around half of the cuts to be made at Postbank's recently acquired real estate financier BHW, the source said: "The number is not wrong."
The newspaper said the cuts would be implemented via voluntary redundancies and early retirement schemes, since Postbank wanted to avoid forced redundancies until 2008.
A Postbank spokesman declined to comment on the information.
Postbank acquired a majority stake in BHW at the end of 2005 for 1.79 billion euros (2.3 billion dollars).
BHW is Germany's second-biggest real estate financier and employs close to 5,000 people

We are not alone in the jobs loss stakes it seems. :o

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