Germany: Insurer Allianz to cut 7,480 jobs in insurance as part of a restructuring

Germany: Insurer Allianz to cut 7,480 jobs in insurance as part of a restructuring

The Munich-based company said it will shed 5,000 jobs in its German insurance arm and 2,480 at its Dresdner Bank unit by the end of 2008. The investment banking division will also drop the name Wasserstein, leaving it known as Dresdner Kleinwort.

Allianz also said it plans to reduce the number of its administrative insurance centers in Germany from 21 to 10.

The company said it planned no further cuts in the coming months, the AP reports.