Hypo Real Estate, the troubled German commercial property lender rescued for a second time by the German government two months ago, is to cut more than 40% of its workforce and retreat from some business areas. Staff numbers would fall from 1,800 to 1,000 in the next three years – some two-thirds of the cuts outside Germany, HRE said at the weekend. At the same time, HRE warned that business conditions had declined in the current quarter and “significant extra burdens” were expected in its Q4 results.

This entry was posted by Gwen Robinson on Monday, December 22nd, 2008 at 5:10 and is filed under Capital markets, People. Tagged with Hypo Real Estate. Edit this entry.