Zurich Financial Services has confirmed that it is to shed 1,000 jobs from its life business in the UK by the end of next year. It says 250 jobs have already gone, most through compulsory redundancies. Another 750 will go next year, mostly in IT and customer services, and although the company says it plans to redeploy people it accepts there will be compulsory redundancies. Zurich says it will also trim its ranks of senior management by between 5 and 10 per cent over 2003.
It hopes the move will make the company more cost effective and efficient. It originally announced earlier this year that its UK, Ireland and South Africa was to reduce its head count by 2000, but this is the first indication of how many will be lost in the UK. Its general business will also be making redundancies.