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
1,000 jobs Number of planned job losses
Announcement Date
18 August 2006
Employment effect (start)
Foreseen end date
Description
On 18 August 2006, the Swiss insurance company Zurich Financial Services, announced to cut 1000 out of 5700 jobs in Germany. Whilst the negotiations between the management and the worksÂ’ council are still running, the management already told the press that it wants to concentrate its German business units. At the moment, 6 business centres operate in Germany which will be reduced to 3. The remaining business centres in Cologne and Frankfurt will manage the liability and property lines of the company. Another centre in Bonn will be responsible for life insurances. The management further stated that changing consumer behaviour, preferring internet and call-centre services, led to the decision to restructure the firm. Since the negotiations with the worksÂ’ council are still running, the management did not want to announce any details with regard to the employment effect timeline.
Sources
18 August 2006: Financial Times Deutschland
18 August 2006: Handelsblatt
Citation
Eurofound (2006), Zurich Financial Services, Internal restructuring in Germany, factsheet number 63934, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63934.
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