900 job losses at Zurich
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.