Allianz Global Corporate & Specialty (AGCS) is considering a programme of voluntary redundancies as it looks to reduce headcount by 10% globally.
The move titled the “Fit For Future” programme will see AGCS reduce headcount by around 40 in each of its London, Germany, France and US offices. Staff were made aware of the changes in a meeting last week.
AGCS confirmed that the company were undertaking the move to address changes in the industry in order to future-proof the business. Oliver Bäte, Allianz CEO, had previously dismissed reports that the company would look at reducing headcount saying that cutting costs was not a strategy. Bäte said that it was important for the company to look at new digital technologies to address challenges in productivity.
It has been reported that the company hasn’t introduced a compulsory redundancy programme and is confident it can address the headcount objective through voluntary redundancy and early retirement.
Germany, France, the UK and the US will be affected by the programme, staff in Brazil, South Africa, Japan, Hong Kong, Austria, Switzerland and Spain are unlikely to be impacted.