Zurich Insurance to cut costs and up to 800 jobs worldwide

Tuesday 11 March 2014 18.17
Zurich Insurance plans to cut up to 800 jobs from its global workforce
Zurich Insurance plans to cut up to 800 jobs from its global workforce

Zurich Insurance Group has announced a three-year restructuring plan that could result in the cutting of up to 800 jobs around the world.

The insurer, which employs about 55,000 people worldwide, said in a statement that it aimed to slash its annual costs by around €180m by the end of 2015.

"This would correspond to up to 800 job losses throughout the global organisation," it said, stressing that "customer facing activities will not be impacted."

The restructuring is part of a long-term plan announced late last year for the period 2014-2016, aimed at simplifying Zurich's business structure.

In a bid to streamline its business, the company said it would focus on its priority markets and remove layers of management between its global organisation and the different business units.
 
The changes "will be implemented through a measured process, with employees supported at every stage of the 
transition," Zurich chief executive Martin Senn said in the statement.

The company last year raked in a net profit of $4.03 billion, up 4% from 2012. It booked a restructuring charge in the fourth quarter of $318m.