900 job losses at Zurich
by Kay Murchie
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
Add to Bookmarks:
Related financial stories to: 900 job losses at Zurich
- Zurich withdraws from RBS insurance arm bidding
- Zurich planning sell-off
- RBS Insurance poaches Martin Hall from Zurich
- HBOS announces job losses
- More banking woes as Citigroup and Goldman Sachs reveal job losses
- Barclays Capital reveals expansion plans in Asia, job losses feared in the UK
- Fewer job losses at Northern Rock than expected
- Job losses at Barclaycard
- Job losses confirmed at Cititgroup
- Northern Rock commences talks with staff over 2,000 job losses
Previous: « Northern Rock in mortgage deal with Lloyds TSB
Next: Bardford & Bingley raises interest rates »
Visited 1766 times, 3 so far today