Zurich Insurance cuts 150 jobs at headquarters

When a door closes, does a window open? Keystone

This content was published on August 7, 2014 minutes and agencies

Switzerland’s largest insurer, Zurich Insurance, is to eliminate nearly 150 jobs at its headquarters in Zurich. The cuts come as part of the streamlining plans announced earlier this year.

Worldwide, the company employs about 55,000 people – 1,300 of whom work in the Zurich office. In March the insurer said it would axe 800 jobs. The other cuts will be made mainly in Britain, Ireland, and the US, CEO Martin Senn told the Swiss News Agency on Thursday.

Some 370 jobs will be go as a result of vacancies, internal changes and retirement. In addition, contracts with about 50 external workers will not be renewed.

The whole restructuring costs add up to about $520 million (CHF473 million), according to CFO George Quinn; the jobs cuts represent about $100 million.

On Thursday, Zurich Insurance reported an operating profit of $2.6 billion for the first half of 2014.

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