Wüstenrot & Württemberigsche (W&W)

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
300 - 500 jobs
Number of planned job losses
Job loss
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://apps.eurofound.europa.eu/restructuring-events/detail/76779.