Zurich offers more details on job losses

job losses

Zurich’s plans to ‘streamline’ its management structure are set to cost 800 jobs globally but Zurich Australia is likely to escape relatively unscathed.

Zurich Insurance Group CEO Martin Senn last week announced the job cuts, which are aimed at saving $US250 million by 2015 by removing management layers.

A Zurich Group spokeswoman told Broker Buzz that although they would look at the whole organisation as part of the move, the cuts are would primarily impact Switzerland, the UK and Ireland.

“We are hoping to conclude the necessary consultations with staff bodies by end of the second quarter,” she says.

“The changes resulting from the initiative should be carried out by the end of the year.”

Customer-facing activities are not expected to be affected by the changes.