Chief executive of top 10 insurer says mass job cuts are not good management

Top 10 insurer

Allianz’s group chief executive Oliver Bäte has insisted his company will not make mass job cuts to hit its 5% profit growth target.

The German insurance group, a top 10 insurer in the UK, has set itself a target of growing profits by 5% between 2015 and 2018.

But in an interview with the Financial Times, Bäte said that he would not make swathes of Allianz staff redundant to get there.

He told the paper that cutting jobs to boost profits was “almost unethical” and that the company has “a societal duty” to not suddenly dismiss thousands of employees.

He added: “I just don’t think it’s good management”.