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Zurich to cut 800 jobs in £150m global cost-cutting drive

Zurich plans to cut up to 800 jobs across its global operations as the insurer look to make annual savings of £150m by 2016.

In an announcement published this morning, Zurich sets out proposals to “reduce complexity and costs” over the next two years.

The decision follows a review of the company’s corporate structure and will see layers of management between the group and its business units reduced.

A Zurich spokesman confirms the decision will affect the group’s operations in Switzerland, the UK and Ireland.

Zurich chief executive Martin Senn says: “We continue to make significant progress towards our strategic goal to make Zurich a focused and more profitable business.

“This latest initiative empowers our people to act decisively in delivering first-class services to our customers while also minimising overheads. It will be implemented through a measured process, with employees supported at every stage of the transition.”

In September 2012 Zurich’s UK arm announced 200 job cuts as part of a restructure of its operations ahead of the retail distribution review.

The cuts were made across sales and marketing, senior management, finance, risk, compliance and operations.

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