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
7,500 jobs Number of planned job losses
Announcement Date
22 June 2006
Employment effect (start)
1 January 2006
Foreseen end date
31 December 2009
Description
On 22 June 2006, Allianz Group, one of the largest financial services providers in the world, announced its plans to cut approximately 5,000 jobs at its affiliate Allianz Germany and another 2,480 jobs at its affiliate Dresdner Bank, one of Germanys leading banks. The reduction of jobs shall be completed by the end of 2008. Allianz Germany and Dresdner Bank are pushing a cost reduction strategy to remain competitive in the global market. The company employs 40,000 people in Germany. On 27 November 2006, Allianz announced details of its job reduction scheme. The company and the works council decided to avoid direct dismissals until the end of 2009. They furthermore agreed on the maintenance of the groups location in Cologne, even though the workforce in Cologne shall be reduced considerably (exact numbers have not been mentioned). In exchange for the maintenance of the Cologne location, the workforce in Hamburg shall be reduced by 250 employees.
Sources
23 June 2006: Handelsblatt
20 June 2006: Frankfurter Allgemeine Zeitung
27 November 2006: Handelsblatt
Citation
Eurofound (2006), Allianz AG, Internal restructuring in Germany, factsheet number 62515, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62515.
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