EMCC European Monitoring Centre on Change

Zurich Financial Services

Zurich Financial Services

Geographic Location

Country: Germany


Sector: Financial services
Financial and insurance activities
65 - Insurance, reinsurance and pension funding, except compulsory social security
Number Employed: 5700

Employment Effects

Announcement Date: 18-08-2006
Planned Job Reductions min: 1000
Planned Job Reductions max: 1000
Type of Restructuring: Internal restructuring

Additional Information

On 18 August 2006, the Swiss insurance company Zurich Financial Services, announced to cut 1000 out of 5700 jobs in Germany. Whilst the negotiations between the management and the works’ council are still running, the management already told the press that it wants to concentrate its German business units. At the moment, 6 business centres operate in Germany which will be reduced to 3. The remaining business centres in Cologne and Frankfurt will manage the liability and property lines of the company. Another centre in Bonn will be responsible for life insurances. The management further stated that changing consumer behaviour, preferring internet and call-centre services, led to the decision to restructure the firm. Since the negotiations with the works’ council are still running, the management did not want to announce any details with regard to the employment effect timeline.