Swiss Re To Cut 10% Of Workforce

Swiss Reinsurance Company Ltd. says it will lay off about 1,000 of its employees and focus on its most profitable businesses.

Swiss Re, Zurich, says it will reduce its current worldwide head count of 11,560 by about 10% over the next 12 months.

The reinsurer will “increase its focus on profitable core business and strengthen its capital position,” the company says.

Swiss Re “will streamline the worldwide office network,” the company says. “Swiss Re will operate through offices that are solely dedicated to servicing clients and will further consolidate support resources into fewer locations in order to achieve economies of scale.”