Ergo

Type
Internal restructuring
Country
Germany
Region
Location of affected unit(s)
Sector
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
1,500 jobs
Number of planned job losses
Job loss
Announcement Date
6 April 2004
Employment effect (start)
Foreseen end date
31 December 2005

Description

Ergo, the second largest insurer in Germany, subsidiary of the largely indebted Munich Re, will shed 1,500 jobs within one year in the framework of a cost-saving programme initiated in 2002. In April 2004, 800 job losses were already effective. Ergo still employs 31,500 people.

Sources

  • 6 April 2004: Les Echos

Citation

Eurofound (2004), Ergo, Internal restructuring in Germany, factsheet number 60456, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60456.