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Swiss Re to Cut Jobs by Ten Percent

Posted on 02 Apr 2009

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The world's second-biggest reinsurer, Swiss Reinsurance Co., plans to cut 10 percent of jobs within a year after posting a record loss that forced it to turn to Warren Buffett for capital.

Swiss Re, which employs 11,560, said today the steps should save 400 million Swiss francs ($350 million) by the end of 2010. Agostino Galvagni, born in 1960, will take on the role of chief operating officer, Swiss Re said in a statement from Zurich.

The cost-cutting "looks a bit more ambitious than they’ve indicated in the past," said Tim Dawson, an analyst at Helvea in Geneva who has a “neutral” rating on the stock.


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