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Swiss Re to axe 2,000 jobs

Swiss Re is to cut 2,000 jobs by the end of 2007 as part of its continuing integration of GE Insurance Solutions to the business.

The reinsurer announced the staffing reductions today and said a large number of losses would be through “natural attrition”.

Swiss Re completed the acquisition of General Electric’s insurance arm for £3.5bn in June this year.

The reinsurer says it will shed staff through early retirements, redundancies and natural attrition.

Since January 2006, 55 per cent of job cuts seen at the firm so far have been in Europe. The Americas have contributed 35 per cent and by the end of 2007, Switzerland will have contributed to 21 per cent of the total reduction.

Swiss Re says it is committed to providing all employees affected with appropriate separation packages.

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