Restructuring events
European Restructuring Monitor (ERM)
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.
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.
Eurofound (2009), Allianz, Internal restructuring in Hungary, factsheet number 70115, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70115.
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