Zurich Insurance Increases Job Cuts, Relocations by 1,800
Saturday, 12 05 2015, Category: Insurance and Reinsurance, Country: Europe
Zurich Insurance Group AG, Switzerland’s biggest insurer, is increasing job cuts and relocations to a total of at least 1,800 at the company reduces costs and overhauls its biggest unit.
The company will move 300 positions in group operations out of Switzerland by the end of 2018 as part of the $1 billion cost reductions announced in May, said Sylvia Gaeumann, a spokeswoman for the insurer in Zurich. In the corporate business of its general insurance unit, 360 positions will be affected globally by 2017, including dismissals, canceled openings and relocations, she said.
The move follows cuts already announced that affect 1,140 positions, with 440 in the U.K. and 500 in Germany. Headcount won’t fall by 1,800 under the measures because some roles will continue to exist in different locations, Gaeumann said.
Source: Insurance Journal