Ergo, the primary insurance subsidiary of Munich Re, released some details of the announced restructuring programme. Ergo will invest a total net figure of €1bn up to 2020. It plans to lower its cost basis by around €540m gross (around €280m net) by 2020. The measures will lead to the loss of around 1,800 jobs in Germany. The one-off expenses attributable to 2016, which will have an impact of around €300m on Ergo’s result. Due to the investments attributable to 2016,
01 Jun 2016
Ergo restructuring programme
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Ergo restructuring programme
Munich Reinsurance Company (MUV:WBO) | 0 0 (-0.2%) | Mkt Cap: 28,293m
- Published:
01 Jun 2016 -
Author:
Dieter Hein -
Pages:
2
Ergo, the primary insurance subsidiary of Munich Re, released some details of the announced restructuring programme. Ergo will invest a total net figure of €1bn up to 2020. It plans to lower its cost basis by around €540m gross (around €280m net) by 2020. The measures will lead to the loss of around 1,800 jobs in Germany. The one-off expenses attributable to 2016, which will have an impact of around €300m on Ergo’s result. Due to the investments attributable to 2016,