The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65.1 - Insurance
700 jobs Number of planned job losses
Announcement Date
1 July 2020
Employment effect (start)
Foreseen end date
Description
Industrial insurance company Allianz Global Corporate & Specialty [AGCS] is reported to cut around 700 jobs in Germany (exact locations so far unknown). The new company CEO has announced a comprehensive internal restructuring programme ["new AGCS"] with the aim of creating a "simplified regional organization, leaner processes and reduced complexity to reduce costs". The company has run deficits during recent years and the financial situation did not improve during the COVID-19 pandemic. The company stated that its goal was to return to profitability by 2024 and therefore restructuring was needed. One in five management jobs will be affected by the cuts which are intended to generate savings of 200m euro by 2024.
A timeframe for the job cuts to be realised was not yet announced.
Eurofound (2020), Allianz Global Corporate & Specialty, Internal restructuring in Germany, factsheet number 101215, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101215.
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