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 65.1 - Insurance
500 jobs Number of planned job losses
Announcement Date
2 March 2017
Employment effect (start)
2 March 2017
Foreseen end date
31 December 2018
Description
On 2 March 2017 industrial insurer Allianz Global Corporate & Speciality (AGCS) announced a workforce reduction by up to 10% by the end of 2018. AGCS employs 5,000 people worldwide and the restructuring programme will affect 500 jobs, 120 of which in Germany. France, the UK and the US will also be potentially affected by the internal restructuring plan. The management clarified that whenever possible they will propose voluntary leave programmes, early retirement or other measures. Job reductions are due to the low interest rates and tough competition. While some processes will be digitalised, routine jobs will be relocated to India, Romania and China.
Sources
2 March 2017: insurance business
2 March 2017: fondsprofessionell.de
Citation
Eurofound (2017), Allianz , Internal restructuring in World, factsheet number 90501, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90501.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
