Labor & Economic News Blog
Thursday, August 10, 2006
Allianz cuts 200 workers to cope with slower sales
Allianz cuts 200 workers to cope with slower salesIn StarTribune.com Business
Allianz Life Insurance of North America, the U.S. subsidiary of the German financial services conglomerate, on Thursday laid off about 7 percent or 200 of its employees, many of them at its Golden Valley headquarters. Allianz said it has experienced a slowdown in the sale of annuity products that are tied to the performance of the Standard & Poor's 500 and other stock market indexes -- one of its largest businesses. CEO Mark Zesbaugh said Thursday that the business downturn is partly a result of new rules governing how annuity products are sold through securities firms -- requiring less
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