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 65.11 - Life insurance
600 jobs Number of planned job losses
Announcement Date
24 November 2015
Employment effect (start)
24 November 2015
Foreseen end date
31 December 2020
Description
On 24 November 2015, Germany's third largest insurance company Talanx announced to cut 600 jobs in Germany by 2020. Job cuts are due to internal restructuring with the company wanting to become more competitive. Most affected are employees in the company's customer service as the insurance company is currently merging its life insurance and property insurance business. In 2011, the company already announced a restructuring programme when the company was entering the stock market (Talanx 2011).
The company is currently negotiating the terms of restructuring with its works council. Further job cuts might affect Talanx’ subsidiary HDI Vertriebs AG. More information on possible job cuts at HDI Vertriebs AG will be released in the first quarter of 2016. Headquartered in Hanover (Germany), Talanx employs over 21,300 employees worldwide.
Sources
25 November 2015: Süddeutsche Zeitung
25 November 2015: Die Welt
24 November 2015: Talanx - Press release
24 November 2015: sueddeutsche.de
Citation
Eurofound (2015), Talanx, Internal restructuring in Germany, factsheet number 86059, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86059.
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