GERMANY - HSH Nordbank to reduce credit investment portfolio

The announcement comes after the German bank posted first-half net income of EUR 129m, 82% down on the EUR 727m achieved last year amidst credit-related writedowns. The bank is also intending to further streamline its branch network and core operations are to be reviewed. Furthermore, in order to lower annual administrative costs to EUR 900m by 2010, HSH intends to cut about 600 jobs, including 400 in Germany. Last year, administrative costs totaled EUR 984m.

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