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
450 jobs Number of planned job losses
Announcement Date
8 February 2018
Employment effect (start)
21 February 2018
Foreseen end date
Description
In February 2018, the German reinsurance company Munich Re announced it will cut 200 jobs at its headquarters in Munich within the next few months. Job reductions will take place across all departments to increase the company's profitability and efficiency, which has been decreasing in recent years due to strong competition and lower prices. Furthermore, continued digitalisation of processes will reduce the workload of the administrative department, making reductions necessary.
Muchich Re will try to avoid operational terminations and plans to offer a voluntary redundancy programme.
As of February 2018, Munich Re has approximately 4,000 employees in Munich.
UPDATE 23/03/18: On 15 March 2018 at a press conference, Munich Re announced it will cut 900 jobs worldwide. Half of those cuts (450 in total) will affect employees at its headquarters in Munich. The other half will mainly affect employees in the United States of America. However, an exact distribution has yet to be announced.
Sources
8 February 2018: Handelsblatt (online)
21 February 2018: Bayerischer Rundfunk (online)
15 March 2018: FAZ (E-Paper)
15 March 2018: Versicherungsbote.de
Citation
Eurofound (2018), Munich Re, Internal restructuring in Germany, factsheet number 93425, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/93425.
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