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
300 - 500 jobs Number of planned job losses
Announcement Date
31 March 2014
Employment effect (start)
31 March 2014
Foreseen end date
31 December 2015
Description
Insurance group Wüstenrot & Würrtembergische (W&W) is to shed 300 to 500 jobs by the end of 2015. This is part of the group’s W&W 2015 restructuring initiative in which 300 positions were already cut in 2013. In total, the initiative thus envisages 800 job cuts.
According to the company, the additional 300 job cuts were already agreed upon in negotiations with employee representatives. Negotiations for the final 200 jobs have started. Together, this could amount to a total of 500 job cuts.
The goal of W&W 2015 is to save the company a total of €140 million and set up more efficient procedures in the company. Job losses are to be realised by natural fluctuation.
The company employs a total of 14,000 staff worldwide.
Sources
1 April 2014: Stuttgarter Zeitung
31 March 2014: Wüstenrot&Würrtembergische (press release)
1 April 2014: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2014), Wüstenrot & Württemberigsche (W&W), Internal restructuring in Germany, factsheet number 76779, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76779.
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