Munich Re plans job cuts

Joachim Wenning, chief executive of Munich Reinsurance Co., said that the reinsurer is planning job cuts at its headquarters in Germany and in the United States, Reuters reported citing sources. Mr. Wenning said that the reinsurer will "reduce internal complexity, increase efficiency and will cut jobs to achieve that." The number of job cuts would be a high three-digit figure, but well below 10% of employees in the affected groups, a source said.

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