Swiss Re cuts 1,000 jobs


Swiss Re cuts 1,000 jobs
Swiss Re is axing 1,000 jobs as it attempts to cut costs across the business.

The reinsurer is slashing its global workforce of 11,560 by approximately ten per cent over the next 12 months, sparking fears more jobs will be lost in London's financial centre.

Swiss Re said in a statement it is taking steps to focus on profitable core business and strengthen its capital position, which will reduce costs by CHF400 million.

The firm added: "Swiss Re will also accelerate efforts to simplify the organisation and improve operational effectiveness."

Swiss Re declined to confirm how many employees work in London, or how many staff would be affected in the UK.

The firm also said it would promote Agostino Galvagni as chief operating officer, with chief executive officer Stefan Lippe saying the move would "strengthen our leadership team".

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
HR / Recruitment
Health / Beauty
Hotel / Catering / Restaurants
IT / Internet
Insurance / Pensions
International / Overseas
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Transport / Logistics
Travel / Tourism / Leisure