Internal restructuring
Location of affected unit(s)
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

7,500 jobs
Number of planned job losses
Job loss
Announcement Date
22 June 2006
Employment effect (start)
1 January 2006
Foreseen end date
31 December 2009


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.


  • 23 June 2006: Handelsblatt
  • 20 June 2006: Frankfurter Allgemeine Zeitung
  • 27 November 2006: Handelsblatt


Eurofound (2006), Allianz AG, Internal restructuring in Germany, factsheet number 62515, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62515.