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.
In February 2018, the German reinsurance company Munich Re announced it will cut 200 jobs at its headquarters in Munich within the next few months. Job reductions will take place across all departments to increase the company's profitability and efficiency, which has been decreasing in recent years due to strong competition and lower prices. Furthermore, continued digitalisation of processes will reduce the workload of the administrative department, making reductions necessary.
Muchich Re will try to avoid operational terminations and plans to offer a voluntary redundancy programme.
As of February 2018, Munich Re has approximately 4,000 employees in Munich.
UPDATE 23/03/18: On 15 March 2018 at a press conference, Munich Re announced it will cut 900 jobs worldwide. Half of those cuts (450 in total) will affect employees at its headquarters in Munich. The other half will mainly affect employees in the United States of America. However, an exact distribution has yet to be announced.
Eurofound (2018), Munich Re, Internal restructuring in Germany, factsheet number 93425, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/93425.
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