Zurich will cut 800 jobs in bid to slash costs

 
Kate McCann
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GLOBAL insurer Zurich is to cut 800 jobs from its operations in the UK, Ireland and Switzerland as part of a cost-cutting exercise.

A spokesperson for the insurer said the job losses reflect 1.4 per cent of the total headcount at the group, and that the scheme will remove management layers.

The news comes after Zurich revised a key growth target in December amid concerns about profitability. It is also said to be selling off underperforming lines.

A spokesperson said a consultation on the job cuts is currently underway, adding: “Around 800 positions would be affected globally.

“Zurich employs more than 55,000 people. It is important to note that this will not impact the local business units and thus customer facing activities.”

They added that the exact number and the location of job losses have not yet been finalised, and will be announced “sometime in the second quarter of 2014”. The company employs 6,000 people in the UK.

“We continue to make significant progress towards our strategic goal to make Zurich a focused and more profitable business,” chief executive Martin Senn said yesterday.

In December he said Zurich would reduce complexity in the business in order to increase operating profits.