• Germany's news in English
 
app_header_v3

DAX companies cut 116,000 jobs in 2009

The Local · 28 Dec 2009, 11:20

Published: 28 Dec 2009 11:20 GMT+01:00

The survey, conducted by news magazine Der Spiegel, found that the 30 DAX companies cut 116,385 jobs this year, 45,354 of them in Germany alone. The news comes on the same day that the DAX reported a year-high of 6,000 points.

Most jobs were cut by the insurance giant Allianz, which employs 21,000 fewer people in Germany than it did a year ago - a 30 percent cut in its domestic workforce. Though most of these jobs were lost by the sale of Dresdner Bank, the majority of Dresdner Bank employees were kept on by the buyer, Commerzbank.

Several other German corporations numbered their domestic job cuts in the thousands during the year: car manufacturer Daimler lost 4,200, retailer Metro lost 3,800, steel corporation ThyssenKrupp lost 3,200, and technology giant Siemens lost 3,000.

But the figures are more dramatic on a global level: Siemens cut 20,000 worldwide, the national postal service Deutsche Post cut 18,000 and Daimler dropped 16,000.

But these figures were balanced a little by the job creations in other German companies. Apart from Commerzbank, which profited from the takeover of Dresdner Bank, the telecommunications market leader Deutsche Telekom created 32,000 jobs worldwide, and the airline Lufthansa created a further 11,000.

But all in all the number of job losses outstrips the gains among the DAX companies, by some 18,000 in Germany alone. Internationally, the balance comes to a negative of 20,000.

Story continues below…

DAX company jobs in Germany have been slashed by 1.2 percent, while the number of jobs has only dropped by 0.6 percent overall worldwide. According to Der Spiegel, the figures show that German corporations are moving more and more of their jobs abroad.

The Local (news@thelocal.de)

Your comments about this article

10:23 January 13, 2010 by Weena_O
The broader economy have been very depressed recently because of the financial downturn in every part of the world. The US likes to think it's some sort of special victim of any given financial crisis, but every recession becomes a global recession very quickly. This current one caused world stock markets to take a dive, and going into 2009, it looked like everybody could use payday loans at least. However, 2009 saw stock markets post some incredible gains. Asian markets did better than US and European markets, but over a longer period of time, stocks are still down. That said, now is the perfect time for investors to rebuild what they'd lost.
Today's headlines
Ansbach suicide attack
Isis says Syrian bomber in Bavaria one of its 'soldiers'
Photo: DPA

The Syrian asylum seeker who blew himself up outside a music festival in Germany was a "soldier" of the Isis, the jihadist-linked Amaq news agency said on Monday.

Merkel's refugee policy was 'reckless': Left Party leader
Photo: DPA

The attacks carried out by refugees over the past week show accepting large numbers of refugees brings "significant problems", the party's chairwoman said on Monday.

Ansbach suicide attack
What we know about the Ansbach suicide bomber
The attacker's rucksack. Photo: DPA

He had had his asylum application rejected and had twice attempted suicide, say authorities.

Ansbach suicide attack
Ansbach suicide bomber confirms Isis loyalty in video
Police remove evidence from the bombers residence. Photo: DPA

The man who blew himself up in Ansbach, Bavaria, on Sunday evening, injuring 15 people, recorded a video in which he pledged his allegiance to terror group Isis.

Top 10 German firms with the highest-paid employees
Photo: DPA

Want to know which companies shell out the most for salaries?

How will Germany change after string of bloody attacks?
A policeman in Ansbach on Sunday evening. Photo: DPA

Within seven days Germany has been hit by four bloody attacks on innocent people on its streets and in a train. What does this unprecedented string of murders mean for the country?

After attacks, minister rejects blanket suspicion of refugees
Thomas de Maiziere. Photo: DPA

Interior Minister Thomas de Maiziere on Monday cautioned Germans against indiscriminately branding all refugees a security threat after a rash of attacks over the last week.

What we know about the Reutlingen knife attack
Police arrest the attacker. Photo: DPA

... and what we don't.

Munich shooting
Police arrest possible accomplice of Munich gunman
Mourners in Munich. Photo: DPA

Authorities in Munich believe that a friend of the teenager who murdered nine people at a Munich shopping centre may have known about his plans.

Ansbach suicide attack
Suicide bomber attacks bar in Bavaria
Photo: DPA

A Syrian migrant set off an explosion at a bar in southern Germany that killed himself and wounded a dozen others late Sunday, authorities said, the third attack to hit Bavaria in a week.

Sponsored Article
Why you should attend an international job fair
DPA
Gallery
IN PICTURES: How Munich responded to shooting spree
Sponsored Article
Avoid hidden fees when sending money overseas
Lifestyle
10 rookie errors all Brits make when they arrive in Germany
National
Bavaria train attack: Were police right to shoot to kill?
Sponsored Article
Why Swiss hospitality graduates are in demand
National
How to get German citizenship (or just stay forever)
Sponsored Article
Five things Americans should know about voting abroad
Technology
Brexit will turn Berlin into 'Europe’s startup capital'
Travel
Six soothing day trips to escape the bustle of Berlin
International
'Germany needs to make UK come to its senses'
Features
Six odd things Germans do in the summer
Sponsored Article
Why expats choose international health insurance
Travel
These 10 little-known German towns are a must see
Features
How two gay dads cut through German red tape to start a family
Sponsored Article
Health insurance for expats in Germany: a quick guide
National
Five things to know about guns in Germany
Sponsored Article
Avoid hidden fees when sending money overseas
Culture
10 things you need to know before attending a German wedding
National
Eight weird habits you'll pick up living in Germany
Lifestyle
Six reasons 'super-cool' Berlin isn't all it's cracked up to be
Sponsored Article
Why Swiss hospitality graduates are in demand
Society
Only one country likes getting naked on the beach more than Germany
Lifestyle
23 ridiculously fascinating things you never knew about Berlin
Sponsored Article
Why you should attend an international job fair
Culture
8 German words that perfectly sum up your 20s
Lifestyle
Can't make it past the door at Berlin's most famous club? Help is at hand
Business & Money
Why Frankfurt could steal London's crown as Europe's finance capital
Features
6 surprising things I learned about Germany while editing The Local
Culture
Five sure-fire ways to impress Germans with your manners
10,692
jobs available
Toytown Germany
Germany's English-speaking crowd