• Management and workers’ council agree on the basic points of a reconciliation of interests
• Consolidation of business activities at three German locations improves competitiveness
• Jobs of all employees safeguarded until the end of 2017 

Berlin/Stuttgart - Daimler Financial Services and Mercedes-Benz Bank have reached an agreement with the workers’ council and the IG Metall metalworkers union regarding the basic points of the reorgani¬zation of Daimler’s financial services division in Germany. The agree¬ment stipulates that the division’s business activities in Germany will be concentrated at three locations instead of nine by the end of 2012.

“The negotiations with the workers’ council were tough but fair,” says Klaus Entenmann, Chairman of Daimler Financial Services. “The agreement will improve our competitiveness and safeguard the jobs at Daimler Financial Services and Mercedes-Benz Bank in Germany over the long-term.”

The consolidation of its German locations will enable Daimler’s
financial services division to save costs of around €40 million per
year over the medium-term. The new structure will reduce the number of jobs at Daimler Financial Services and Mercedes-Benz Bank in Germany from currently around 1,850 to 1,600.

To ensure that fair solutions can be found for all of the employees affected by the measures, the company also agreed with the workers’ council to safeguard the jobs of all employees until the end of 2017. The details of the social compensation plan are still being negotiated.

As a result of the reorganization, the global headquarters of Daimler Financial Services will move from Berlin to Stuttgart, where it will be located under one roof with the central functions of Mercedes-Benz Bank. The move will put the financial services division into closer proximity with Daimler’s automotive divisions, which are all managed from Stuttgart. 

Mercedes-Benz Bank, the German subsidiary company of Daimler Financial Services, will set up a new Service-Center in the greater Berlin area. In this location, operations for financial-services business for commercial customers will be consolidated which are currently located at eight business centers as well as in Mercedes-Benz Bank’s central office in Stuttgart. In a second step, the new service center will also take on Europe-wide tasks. As in the past, the center in Saarbrücken will continue to focus on the banking business and on serving the leasing, financing, and motor insurance needs of private customers.

About Daimler Financial Services

Daimler Financial Services supports vehicle sales of Daimler Group’s vehicles by offering tailor-made financial services. With a comprehensive product portfolio of financing, leasing, insurance products and fleet management services the company managed a contract volume of €59.9 billion at the end of the first quarter of 2010. Daimler Financial Services finances and leases every second passenger car of Daimler’s global production. Working in close cooperation with the Daimler vehicle brands, Daimler Financial Services strengthens customer loyalty to the Group’s brands and generates new earnings potential. The company with headquarters in Berlin operates in more than 40 countries and has a workforce of more than 6,000 employees worldwide.

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