Swiss Re cuts 2,000 jobs

By Rhys Blakely

Swiss Re today told employees it will cut up to 2,000 jobs by the end of next year after its takeover of General Electric’s reinsurance arm in 2005. The reinsurer is targeting cost savings of $300 million a year.

More than 1,000 jobs will go from Europe and around 700 will be slashed in the US. Asian, Middle Eastern and African offices will also be affected.

The move is part of Swiss Re’s integration of Insurance Solutions, the GE reinsurance unit it acquired for $7.4 billion (£3.9bn).

Full Article on TheTimes.co.uk