As part of a cost-reduction programme, insurer
Allianz is said to be planning to let go of 700 employees in its home country of Germany.
According to a report by
Reuters, newspaper
Sueddeutsche Zeitung cited company sources saying the layoffs will take place over the next three years.
The report said the cost-reduction programme involves a total of about 1,300 job cuts, some of which have already transpired via employees’ early retirement.
Allianz is also looking at merging facilities in its operations and claims divisions before 2021, according to the German daily.
Disruptions due to digitisation had been identified by the insurer’s management as the reason for the job reductions.
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