Swiss Re to cut workforce by ten per cent

Swiss Re, the world's second-largest reinsurer, has announced it will cut ten per cent of its staff this year.

This content was published on April 2, 2009

The group, which at present employs more than 11,500 people, said the move would allow it to save SFr400 million ($349 million) by the end of next year.

The Zurich-based company also said it had appointed Agostino Galvagni as its chief operating officer, beginning May 1. The company replaced its chief executive officer, Jacques Aigrain, with industry veteran Stefan Lippe, in February.

Swiss Re had announced a net loss of SFr854 million for 2008 on SFr5.9 billion in writedowns and in February took an SFr3 billion investment from Warren Buffett's Berkshire Hathaway group.

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