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Zurich Financial Services cuts 550 jobs

Zurich Financial Services is cutting 550 jobs which will see 170 staff made redundant at its Swindon and Cheltenham offices.

The cuts follow the merging of Zurich&#39s UK and international life businesses.

Zurich says the cuts will save £65m a year, representing 15 per cent of the company&#39s operating costs, although no jobs will go within the Zurich IFA part of the operation.

Zurich UK and international life chief executive officer Ray Greenshields says: “We have formed a single life business, which has created opportunities to eliminate duplication and increase strategic focus.”

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