Allianz to cut jobs as they aim to boost earnings

Allianz to cut jobs as they aim to boost earnings

Allianz (ALVG.DE) has said that they plan to cut as many as 7,500 jobs of its global workforce. The aim is to boost earnings in the longer run as the company is going through a massive restructuring process.

As many as 5,000 jobs would be cut at their German insurance operations and the rest of the cuts would take place at their Dresdner Bank unit.

Allianz said in a statement: “The impact of the restructuring measures (has) already been included in the planned figures for 2006-2008.”

This latest report has resulted in company’s share gaining in the stock market, as the market analysts believe that the steps would help the company’s profitability in the coming years.

Allianz plans to save around 500 million to 600 million euros through these cuts from 2008.