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
1,000 jobs Number of planned job losses
Announcement Date
3 February 2016
Employment effect (start)
3 February 2016
Foreseen end date
31 January 2018
Description
Generali, one of Germany's main insurance companies, announced its plans to cut 1,000 jobs by the beginning of 2018. After negotiating with the company's works council for four months, a settlement was finally reached. According to the company, these redundancies are part of a strategic realignment with the company wanting to become more competitive. As part of its new, leaner structure, the company also decided to focus its administrative unit in Leipzig which replaces administrative units in Hamburg, Cologne, Saarbrücken and Munich. Furthermore, the subsidiaries Generali Deutschland Holding, Generali Versicherungen and Generali Leben will be united in the Generali Deutschland AG with its head office in Munich.
To speed up the restructuring process, Generali has set up a package of measures for its employees, encouraging them to consider early on whether they are willing to relocate to another site, leave the company or opt for retirement measures. But the company generally seeks to avoid operational dismissals.
Generali, headquartered in Trieste, Italy, currently employs 13,000 staff in Germany.
Sources
3 February 2016: Generali (press release)
3 February 2016: Versicherungsbote
4 February 2016: VersicherungsJournal.de
Citation
Eurofound (2016), Generali , Internal restructuring in Germany, factsheet number 86410, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86410.
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