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Swiss Re to axe more than 1,000
SWISS Re, the world's second-larger reinsurer, yesterday revealed plans to cut costs by axing about 10 per cent of its 11,560 global staff over the next year.
In February, Swiss Re said it was targeting 400 million Swiss francs (240m) of cuts by 2010.
The Zurich-based group also said it would promote executive board member Agostino Galvagni to be chief operating officer.
Galvagni's appointment is the latest step in a management shake-up that involved the ousting in February of chief executive Jacques Agrain in favour of reinsurance expert Stefan Lippe, who was previously chief operating officer.
Georg Marti, an analyst at broker ZKB, said: "The job cuts are expected to focus mainly on back office and similar functions."
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Saturday 26 May 2012
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