June 21, 2018 / 10:34 AM / 9 months ago

Allianz denies report on plan to cut 5,000 jobs in Germany

The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau

FRANKFURT (Reuters) - Allianz (ALVG.DE) denied on Thursday a report by Manager Magazin that it planned to cut at least 5,000 jobs in Germany.

“The number is wrong,” a spokesman said. “It is completely fabricated.”

Allianz is making efforts to increase productivity through automation and digitalization, which could eventually reduce the number of jobs needed, the spokesman said. But there is no program with the aim of cutting jobs.

A cut of 5,000 jobs would be about 20 percent of the jobs the company employs in Germany, Manager Magazin said in its report, which cited unnamed company sources.

Reporting by Tom Sims; editing by Ludwig Burger and Jason Neely

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