Ergo

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
200 jobs
Number of planned job losses
Job loss
Announcement Date
15 October 2012
Employment effect (start)
1 January 2013
Foreseen end date
31 December 2013

Description

As announced on October 15, 2012, German insurance group Ergo will cut 200 jobs in 2013. This is due to consolidation efforts. A further 400 jobs may be cut in 2014 and 2015. This announcement answers to speculation about Ergo cutting 1,350 jobs in its sales section until 2015.

Ergo and other insurance groups have to face falling prices and saturated markets, especially for life insurances. 

Sources

  • 15 October 2012: Press release
  • 16 October 2012: Financial Times Deutschland
  • 16 October 2012: Handelsblatt

Citation

Eurofound (2012), Ergo, Internal restructuring in Germany, factsheet number 74337, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74337.