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ZURICH, Switzerland--Swiss Reinsurance Co. said Monday it would begin informing employees on a program of layoffs designed to save about $300 million in costs in the wake of its merger with General Electric Insurance Solutions, the reinsurance arm of General Electric Co.
Swiss Re said that by the end of 2007, it would have eliminated about 2,000 positions worldwide--through natural attrition, early retirements and layoffs.
Of the job cuts, Swiss Re said that 55% were in Europe, 35% in the Americas, and 10% in Asia, Middle East and Africa. And 21% of those cuts will be in Switzerland, it said.