|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    17th of January 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Insurance News feed Insurance News

All Financial News feed All Financial News

900 job losses at Zurich

Bookmark and Share

by Kay Mitchell

Swiss insurance giant, Zurich Financial Services, has announced a cost-cutting exercise which could result in a reduction of headcount of up to 900.

In a bid to cut costs by 10% by the end of the year, Zurich staff have been informed that between 700 and 900 jobs, in its general insurance arm, are going to be lost.

The insurer said the move was fuelled by the tough market conditions, along with intense competition among insurers.

Zurich employs 2,000 at its Whiteley offices after relocating 600 staff from its offices in Portsmouth. It also employs about 150 in Southampton and 5,400 people in the UK.

Commenting on the announcement, Guy Munnoch, the group’s UK chief executive, said we can achieve our growth plans and safeguard the future of our business in the UK. Unfortunately, this means tough decisions have to be made and we will be reducing our headcount.

We remain, as always, committed to engaging with our people throughout this process, concluded Mr Munnoch.

Zurich is considered to be one of the favourites in the race to buy RBSI’s multi-billion pound insurance assets.

Discuss this in the Finance Markets forums

Story link: 900 job losses at Zurich

News posted: June 6, 2008

Financial Services:

Related financial stories to: 900 job losses at Zurich:
Previous: «
Next: »

Visited 4514 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: ,