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 65.1 - Insurance
300 - 400 jobs Number of planned job losses
Announcement Date
28 November 2012
Employment effect (start)
1 December 2012
Foreseen end date
30 November 2015
Description
Swiss Life, a Swiss life insurance company, restructures the activities of its German subsidiary AWD. Between 300 and 400 jobs will be lost at AWD, mostly in Germany (300 jobs). An additional 90 jobs are said to be lost in Switzerland. The subsidiary will be rebranded “Swiss Life Select”.
The new brand “Swiss Life Select” will focus its activities on Germany, Switzerland, Austria, Poland and the Czech Republic. Activities in Hungary and Slovakia will be shut down.
The restructuring is part of major reorganisation programme of the Swiss Insurance company. It is stated that the restructuring will be implemented through natural attrition, early retirement and internal mobility.
Sources
28 November 2012: AWD
Citation
Eurofound (2012), AWD, Internal restructuring in European Union, factsheet number 74717, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74717.
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