Munich - Troubled German state bank BayernLB announced Wednesday a review of all its costs just one day after it said was tapping the government's financial rescue plan for 5.4 billion euros (7.1 billion dollars).
"We will be looking at all positions," said a spokesman of the Munich-based bank, which has been badly hit by the global financial crisis and which became the first German financial house to apply for financial support from Berlin's 480 billion-euro bank rescue package.
The cost review includes the 19,000 BayernLB's world-wide labour force with the bank having already warned that it might not be able to avoid job cuts.
The Bavarian state bank is planning a 400-million saving project in the next three years.
As part of its effort to boost its capital base, BayernLB is also planning to raise about 1 billion euros from its owners, which includes 700 million euros from the Bavarian state government and the 300 million euros from the Bavarian savings bank association. (dpa)
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