Allianz

Type
Internal restructuring
Country
Hungary
Region
Location of affected unit(s)
Békéscsaba, Budapest
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
166 jobs
Number of planned job losses
Job loss
Announcement Date
17 August 2009
Employment effect (start)
1 September 2009
Foreseen end date
14 November 2009

Description

The financial service provider Allianz initiated a major internal restructuring programme dismissing 166 employees in Békéscsaba and Budapest.

Besides cost reduction the aim of the company is to establish a more transparent corporate structure. While there were fears about a possible headcount reduction of 10%, only 66 workers were dismissed from Békéscsaba (Békés county) when the company closed down one of its three file management centres and another 100 employees were dismissed from two of its offices in Budapest. Although the company claimed that certain services were provided for those made redundant to mitigate the effects of the dismissals, many redundant employees accused the company of disloyalty.

Allianz is a major insurance, asset management and banking company with a significant market share in Hungary.

Sources

Citation

Eurofound (2009), Allianz, Internal restructuring in Hungary, factsheet number 70115, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70115.