The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
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
1,200 jobs Number of planned job losses
Announcement Date
4 April 2007
Employment effect (start)
Foreseen end date
31 December 2009
Description
The financial service provider Axa announced a restructuring programme for its affiliate DBV-Winterthur. After the merger of Axa and DBV-Winterthur in summer 2006, Axa announced its plans to save 350 million Euro, out of which 120 million Euro will have to be borne by its German affiliate DBV-Winterthur, an insurance provider. This will amount to up to 1,200 job cuts at DBV-Winterthur by the end of 2009. DBV-Winterthur's headquarter shall move from Wiesbaden to Cologne, a move that will lead to the loss of between 250 and 400 jobs. There is still no information about the departments where the remaining 800 jobs will be cut. Further details of the job reduction scheme shall be negotiated with the works councils. A final decision is expected in autumn 2007. Axa employs around 12,300 employees worldwide.
Sources
5 April 2007: Financial Times Deutschland
5 April 2007: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2007), DBV-Winterthur, Merger/Acquisition in Germany, factsheet number 65214, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65214.
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