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 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.
Eurofound (2017), Allianz , Internal restructuring in World, factsheet number 90501, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/90501.