FRANKFURT (AFP) - HypoVereinsbank, Germany's second-biggest bank, could save up to 300 million euros (390 million dollars) from the cost-cutting programme it announced recently, sources close to the matter told AFP.
"300 million euros is in the realm of possibility," a source said.
A spokeswoman for HypoVereinsbank (HVB) declined to comment on the figure, saying that the details of the cost-cutting programme would be unveiled at the beginning of next year.
A report in the monthly Manager Magazin said that up to 2,000 jobs could be on the line under the programme which was scheduled to run until the end of 2006.
HVB announced on November 4 that it was considering a new cost-cutting round after already axeing 12,000 jobs over the past two years.
The bank currently employs around 60,000 people worldwide.
HVB's third-quarter results fell short of expectations and the bank even downgraded its full-year earnings forecast as a result.
HVB is notably making a loss from its domestic German operations and Manager Magazin said that Christine Licci, the former head of Citigroup's German activities, could be appointed to turn the German bank's business in this area around.
11/18/2004 - 12:29 GMT - AFP