Allianz is merging its disparate German operations
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German insurance group Allianz is planning to cut 700 sales jobs as part of a major restructure in its homeland.
The losses were announced in an internal memo to staff, in which chief executive Gerhard Rupprecht ruled out any forced redundancies during 2006.
They are part of a major three-year reorganisation of its German operations which will also see it merge with its Italian subsidiary RAS.
Allianz hopes the restructure will save it 600m euros (�407m) a year by 2009.
Rupprecht said the company was reducing its number of local sales offices from 114 to 90, but staff affected would be offered alternative positions "as far as possible".
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