Zurich Insurance raises cost-cutting target to $1.5 billion

Zurich Insurance Group A.G. plans to cut $1.5 billion in costs between 2015 and 2019, and dropped plans to eliminate jobs as it restructures its technology systems and procurement processes for shared services, Bloomberg reported. It had earlier aimed to cut $1 billion in costs by 2018-end and planned to shed or relocate 8,000 jobs. Zurich Insurance expects to record restructuring charges of $500 million on average in 2017 and 2018.

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