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Zurich cost-cutting plan lops up to 800 jobs

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Zurich cost-cutting plan lops up to 800 jobs
Photo: Zurich Insurance Group
09:57 CET+01:00
Zurich Insurance Group announced on Tuesday 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 trim its annual costs by around $250 million (180 million euros) by the end of 2015.
   
"This would correspond to up to 800 job losses throughout the global organization," it said, underlining 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 organization 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 four percent from 2012.
   
It booked a restructuring charge in the fourth quarter of $318 million.

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