View more on these topics

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.


News and expert analysis straight to your inbox

Sign up


    Leave a comment