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.
On 18 August 2006, the Swiss insurance company Zurich Financial Services, announced to cut 1000 out of 5700 jobs in Germany. Whilst the negotiations between the management and the works council are still running, the management already told the press that it wants to concentrate its German business units. At the moment, 6 business centres operate in Germany which will be reduced to 3. The remaining business centres in Cologne and Frankfurt will manage the liability and property lines of the company. Another centre in Bonn will be responsible for life insurances. The management further stated that changing consumer behaviour, preferring internet and call-centre services, led to the decision to restructure the firm. Since the negotiations with the works council are still running, the management did not want to announce any details with regard to the employment effect timeline.
Eurofound (2006), Zurich Financial Services, Internal restructuring in Germany, factsheet number 63934, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/63934.
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