EMCC European Monitoring Centre on Change

Allianz AG

Company/Organisation:
Allianz AG

Geographic Location

Country: Germany

Company

Sector: Financial services
Financial and insurance activities
65 - Insurance, reinsurance and pension funding, except compulsory social security
Number Employed: 40000
Group: Allianz Group

Employment Effects

Announcement Date: 22-06-2006
Planned Job Reductions min: 7500
Planned Job Reductions max: 7500
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-01-2006
Foreseen End Date: 31-12-2009

Additional Information

On 22 June 2006, Allianz Group, one of the largest financial services providers in the world, announced its plans to cut approximately 5,000 jobs at its affiliate Allianz Germany and another 2,480 jobs at its affiliate Dresdner Bank, one of Germany’s leading banks. The reduction of jobs shall be completed by the end of 2008. Allianz Germany and Dresdner Bank are pushing a cost reduction strategy to remain competitive in the global market. The company employs 40,000 people in Germany. On 27 November 2006, Allianz announced details of its job reduction scheme. The company and the works council decided to avoid direct dismissals until the end of 2009. They furthermore agreed on the maintenance of the group’s location in Cologne, even though the workforce in Cologne shall be reduced considerably (exact numbers have not been mentioned). In exchange for the maintenance of the Cologne location, the workforce in Hamburg shall be reduced by 250 employees.