Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE WORLD THIS WEEK

The World This Week - 01 August 2014 (part 2)

Read more

MEDIAWATCH

Coverage of Gaza in the Israeli media

Read more

REPORTERS

1914-1918: The Depths of Hell

Read more

THE WORLD THIS WEEK

The World This Week - 01 August 2014

Read more

THE INTERVIEW

Exclusive: Israel's US ambassador speaks to FRANCE 24

Read more

#THE 51%

World War One: The war that changed women’s lives

Read more

FRANCE IN FOCUS

Ségolène Royal goes for green

Read more

THE OBSERVERS

A look back at some of the Observers' best stories

Read more

DEBATE

Argentina Defaults: Kirchner Cries Foul Over 'Vulture Funds' (part 2)

Read more

  • Hamas denies capturing Israeli soldier as Gaza truce lies in tatters

    Read more

  • Scores killed in China factory explosion

    Read more

  • Exclusive: Israel's US ambassador speaks to FRANCE 24

    Read more

  • Police 'chokehold' caused NYC death, coroner rules

    Read more

  • France tops requests to erase online footprint, says Google

    Read more

  • Air France ground workers to strike on August 2

    Read more

  • Rogue general denies Islamist seizure of Benghazi

    Read more

  • Ugandan court strikes down anti-gay legislation

    Read more

  • 1914-1918: The Depths of Hell

    Read more

  • Regional summit to tackle deadly Ebola outbreak

    Read more

  • French hospital to open wine bar for terminally ill patients

    Read more

  • Video: Tipping is dying out in French café culture

    Read more

  • €2.5 million in cocaine ‘disappears’ from Paris police HQ

    Read more

  • Appeal court keeps French rogue trader Kerviel in jail

    Read more

  • Interactive: France’s new plan to counter jihadism in Africa

    Read more

  • Ukrainian army suffers losses in separatist attack

    Read more

Business

The world's biggest reinsurer to cut around 1,000 jobs

Latest update : 2009-04-02

Swiss Re announced it is to cut approximately 10 percent of its world workforce in 2009, which represents around 1,000 job losses. The world's biggest reinsurer posted a record annual loss of 585 million euros last year.

AFP - Swiss Re, the world's biggest reinsurer which had been severely hit by the financial crisis, on Thursday said it would cut around 1,000 jobs worldwide in the next 12 months to trim costs.
  
"Swiss Re intends to reduce its current global headcount of 11,560 by approximately 10 percent over the next 12 months. Any reductions will be undertaken in compliance with applicable laws and regulations," the group said in a statement.
  
The group posted a record annual loss of 864 million Swiss francs (585 million euros, 735 million dollars) in 2008, as earnings were hit by investment losses.
  
Its chief executive officer Jacques Aigrain announced his resignation a week after the February announcement and was replaced by the group's deputy and chief operating officer Stefan Lippe.
  
In Thursday's statement, Swiss Re said that Agostino Galvagni, who heads the global and large risks division, has been appointed to take over as chief operating officer from May 1.
  
The Zurich-based group added that it was "accelerating efforts to simplify the organisation and improve operational effectiveness."
  
"As previously announced, this will lead to running cost reductions of 400 million francs by the end of 2010," it said.

Date created : 2009-04-02

COMMENT(S)