Munich Re subsidiary to axe around 1,800 jobs in Germany amid 'brutal' cost cutting
Munich Re’s primary insurance group, Ergo Group, has announced plans to lower its cost basis and inject a total net figure of €1bn to 2020, but 1,800 jobs will go as part of the changes.
A statement from the company said Ergo Group planned to consolidate sales and reduce administration costs in a bid to lower its cost basis by around €540m gross by 2020.
The injection of funds will
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