EMCC European Monitoring Centre on Change

Wüstenrot & Württemberigsche (W&W)

Company/Organisation:
Wüstenrot & Württemberigsche (W&W)

Geographic Location

Country: Germany

Company

Sector: Financial services
Financial and insurance activities
65 - Insurance, reinsurance and pension funding, except compulsory social security
Number Employed: 7500
Group: W&W

Employment Effects

Announcement Date: 31-03-2014
Planned Job Reductions min: 300
Planned Job Reductions max: 500
Type of Restructuring: Internal restructuring
Employment Effect Start: 31-03-2014
Foreseen End Date: 31-12-2015

Additional Information

Insurance group Wüstenrot & Würrtembergische (W&W) is to shed 300 to 500 jobs by the end of 2015. This is part of the group’s W&W 2015 restructuring initiative in which 300 positions were already cut in 2013. In total, the initiative thus envisages 800 job cuts.

According to the company, the additional 300 job cuts were already agreed upon in negotiations with employee representatives. Negotiations for the final 200 jobs have started. Together, this could amount to a total of 500 job cuts.

The goal of W&W 2015 is to save the company a total of €140 million and set up more efficient procedures in the company. Job losses are to be realised by natural fluctuation.

The company employs a total of 14,000 staff worldwide.