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
200 - 1,200 jobs Number of planned job losses
Announcement Date
24 May 2011
Employment effect (start)
Foreseen end date
31 December 2011
Description
Talanx Group, Germany's third largest insurer, announced a restructuring programme aimed at preparing Talanx to enter the stock market. Talanx Group is still affected by the acquisition of insurer Gerling five years ago. In order to consolidate the equity capital base, the company now intends to reduce administrative costs by 245 Million Euro. Between 200 and 1,200 jobs (out of a total of 6100) will be cut in private customer insurance and SME insurance branches.
Sources
24 May 2011: Handelsblatt
Citation
Eurofound (2011), Talanx, Internal restructuring in Germany, factsheet number 71982, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71982.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
