Insurer Swiss Life axes 200 jobs

26th November 2008, Comments 0 comments

The company’s plan to cut cost will result in 200 employees being laid off in 2009.

26 November 2008

ZURICH – Insurer Swiss Life on Wednesday said it would cut 200 jobs in Switzerland as it announced a plan to make cost savings of CHF 90 million by 2012.

The group, which now employs 900 in its head office, said about two-thirds of the job cuts would be made in 2009.

The chief executive officer of Swiss Life, Bruno Pfister, said: "The aim is to make the new Corporate Centre as lean as possible and to concentrate on the essentials. This will enable us to lower costs and will enhance flexibility."

At 10:10am, the company's shares were trading down 3.07 percent to 67.85 francs, the biggest loser in a weak overall market which was down 0.23 percent.

[AFP / Expatica]

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