Leading global reinsurance outfit Swiss Re has drawn up plans to cut around 1,700 jobs from its worldwide workforce, the Financial Times has reported.
The move comes closely on the heels of the European-based reinsurer’s $7.6 billion purchase of General Electric’s GE Insurance Solutions division and will form part of the integration of the new business.
The revelation came for Swiss Re’s chief executive officer Jacques Aigrain, who told the Financial Times in an interview that 10 to 15% of the post-acquisition workforce of Swiss Re would be subject to synergy.
Mr Aigrain admitted that there would not be positions in the combines company for all of GE Insurance Solutions’ staff, however he stressed that job loses would be felt on both sides of the joined insurance outfit.
The combined workforce after the synergizing exercise will be approximately 9,800, which is about 800 more than currently employed by Swiss Re on its own.