Zurich’s plans to make significant job cuts are no secret – we reported on a major shake-up in the UK back on June 10 (see Huge shake-up at Zurich Insurance
) and that is just a small part an effort to make $1 billion in cost savings which will reportedly affect around 8,000 jobs before the end of 2018.
What is certainly new, however, is that the company is reportedly planning to dispose of as much as one fifth of its executives as part of that cull.
According to a report in Swiss newspaper NZZ am Sonntag
, which claims to have sources within the company, negotiations are under way and announcements will be made by the end of August. It states that 10-20% of employees in group functions are set to depart – meaning that between 190 and 380 employees will be affected. All – whether their jobs are being downgraded or terminated – will be informed in the last three days of the month.
Organisational changes are said to be at the root of the changes. The company has already announced the merger of its general insurance and life insurance units and the details are set to be completed by the beginning of September with new CEO Mario Greco driving the tight schedule.
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Huge shake-up at Zurich Insurance