Posted on 02 Apr 2009
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.