FRANKFURT, Germany, Feb. 3 (UPI) -- German insurance group Allianz AG is shedding 700 sales jobs as part of an effort to save more than $700 million in expenses.
The layoffs in Allianz' German division are part of a three-year restructuring which entails merging the German operations with the Italian ones, the BBC said Friday.
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The company is reducing its number of local sales offices from 114 to 90, but said staff affected would be offered alternative positions "as far as possible."