Swiss Re, the world's biggest reinsurance company, is to streamline its operations to make savings of $300 million per year, but at the cost of 2,000 jobs.
The job cuts, which are planned to be completed by the end of next year, also appear to be related to the integration of Insurance Solutions, the reinsurance unit of General Electric (GE) that Swiss Re bought last year for around $7 billion.
The acquisition of the GE unit made Swiss Re the biggest reinsurer in the world, but it seems Swiss Re is anxious to turn its size into healthier margins.
Swiss Re said in a statement that it expects a large part of the staff reduction to occur through natural attrition, but that the remainder will be implemented through early retirements and lay-offs.
It has also recently been reported that Swiss Re is considering selling off the iconic ‘Gherkin’ building which it currently owns and uses as its London, UK headquarters.