Following the departure of Zurich Insurance Chief Executive Martin Senn, the company is extending its cost-cutting measures, including job cuts.
Zurich Insurance Group will reduce costs further to boost profitability, also by cutting jobs in Switzerland, the company said in reaction to a report by daily «Tages-Anzeiger».
About 300 jobs in the Group Operations and Technology units will be relocated to service centers abroad. The jobs will be moved over a period of time, a process that will end in 2018. Zurich cut 670 jobs last year, not all of them in Switzerland however.
String of Announcements
The business with corporate customers will shed 360 jobs globally, with lay offs likely. That process should be concluded by the end of 2017, according to a Zurich spokesman.
Several other cost-cutting measures have already been announced over the course of this year, with General Insurance cutting 200 jobs until the end of the year, the U.K. business reducing by 440 through the end of 2017 and Germany by 500 through the end of 2018.
Zurich at the beginning of the week announced the departure of CEO Martin Senn. Chairman of the board, Tom de Swaan is taking charge ad interim.
