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 - Insurance, reinsurance and pension funding, except compulsory social security
550 jobs Number of planned job losses
Announcement Date
11 April 2005
Employment effect (start)
11 April 2005
Foreseen end date
31 December 2007
Description
DBV-Winterthur, an insurance company belonging to Winterthur Switzerland and thus Credit Suisse, has announced it will cut 550 jobs as part of an effort to cut costs by 60 million Euros. Chairman Frank W. Keuper told the Financial Times Deutschland that DBV is currently not operating as efficiently as its competitors. Hence, restructuring is said to be inevitable in order to keep DBV-Winterthur's position in the market. Work shall be distributed more efficiently. Winterthur announced that it will try to avoid direct dismissals, instead using fluctuation and retirement to bring down the level of employees. Talks with the employees' representatives are to start immediately.
Sources
12 April 2005: Financial Times Deutschland
Citation
Eurofound (2005), DBV-Winterthur, Internal restructuring in Germany, factsheet number 61423, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61423.
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