CEO Tomas Kunzmann announced that the international insurance and asset management firm Allianz is set to reduce its workforce by as many as 1,800 positions within its travel insurance unit. This move is part of the company's broader strategy to increase its reliance on artificial intelligence. The staff reductions will be managed via early retirement programs, voluntary severance offers, and other comparable methods. Previously, HSBC also explored the possibility of eliminating up to 20,000 roles as part of its own AI-driven corporate restructuring.
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