Zurich Insurance to cut 800 jobs by the end of 2015
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Zurich Insurance Group Ltd. will cut 800 jobs by the end of 2015 as part of a move to make annual cost savings of about $250 million, the Swiss insurer announced Tuesday.
Zurich said it would remove management layers between the group level and business units, adding that “customer facing activities” would not be affected by the job cuts.
Zurich currently employs more than 55,000 people worldwide.
The move, which follows a “comprehensive review,” was “designed to position the company for profitable growth, placing customers and their needs at the center of our business, and to drive one of the key strategic priorities set out in late 2013, which is growing operating earnings,” Zurich said in a statement.
The changes are subject to consultation with employees and their representatives, Zurich said.
