Restructuring events
European Restructuring Monitor (ERM)
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.
On 2 March 2017, industrial insurer Allianz Global Corporate & Speciality (AGCS) announced to cut about 120 jobs in Germany by the end of 2018. AGCS is a subsidiary of the insurance provider Allianz and specialises in insuring large companies worldwide. The industrial insurer is suffering due to low interest rates and tough competition. The 120 job cuts are part of a wider restructuring programme which will affect 500 jobs worldwide.
The management explained that some processes will become digitalised. Other routine jobs will be transferred to India, Romania and China.
AGCS employs about 1,200 staff in Germany and about 5,000 worldwide.
Eurofound (2017), Allianz Global Corporate & Specialty, Internal restructuring in Germany, factsheet number 90490, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90490.