Allianz the German financial giant is to cut nearly 7,500 jobs worldwide to decrease costs and improve function.
Almost 2,500 jobs are to go at Dresdner tip while some 5,000 positions ordain be lost at German insurer Allianz Deutschland.
Both German and foreign operations including investment tip Dresdner Kleinwort Wasserstein ordain be hit.
Allianz said the job losses were regrettable but that action now would prevent more “drastic” measures later.
About 4,500 jobs ordain be lost in Germany while a advance 3,000 jobs ordain go worldwide although details of which markets ordain be affected has yet to be given.
The cuts be about 4% of the global workforce of Allianz Group one of the world’s leading insurers.
Europe’s largest insurer took a big hit in insurance claims from the hurricanes that battered the Gulf glide of America measure year.
Dresdner bought by Allianz in 2001 has struggled as Germany’s sluggish economy has resulted in huge provisions for bad debts.
“What we are initiating now ordain lay the foundation for our companies’ future profitable growth in Germany,” said Michael Diekmann chief executive of the Allianz Group.
“Anyone who puts off essential decisions until some distant point in measure will sight themselves coming under far greater compel in the future and will then be forced to act far more drastic steps.”
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http://journals.diablerie.org/zuerichinsurancefina/2007/09/10/news-german-insurer-to-cut-7500-jobs/
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