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
1,550 - 1,750 jobs Number of planned job losses
Announcement Date
28 June 2006
Employment effect (start)
Foreseen end date
31 December 2009
Description
On 28 June 2006, Wüstenrot & Württembergische AG (W&W), one of Germanys largest financial service providers, announced the cut of 1,550 to 1,750 jobs at its affiliates till the end of 2009. These figures include job losses that had already been announced in the aftermath of the aquisition of the Karlsruher Versicherungsgruppe. In October 2005 the insurance companies Württembergische Versicherung and Württembergische Lebensversicherung, both affiliates of the financial group W&W, merged with the Karlsruher Versicherungsgruppe. In March 2006, W&W announced the loss of 500 jobs within its insurance affiliates. On 28 June 2006, the figure was increased from 500 to 750. The reduction in the insurance sector is due to synergy effects that result from the acquisition of the Karlsruher Versicherungsgruppe in last October. The overall figures also include another 800 to 1,000 jobs that will be lost within the groups building societies and saving banks. Up to now, different duties such as purchasing, logistics, human resources development and organisational management were handled by the different affiliates themselves. These duties shall be combined into a bundle leading to a redundancy in jobs. At the moment, the W&W employs 11,000 persons. W&W wants to restructure its corporate group, in order to heighten its profitability. Till the end of 2009, the equity return 4.2% in 2005 shall be doubled. In 2005, the W&W-Group posted a profit of EUR 98 million.
Sources
29 June 2006: Handelsblatt
29 June 2006: Financial Times Deutschland
Citation
Eurofound (2006), Württembergische Lebensversicherung, Internal restructuring in Germany, factsheet number 63172, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63172.
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