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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.
Published on April 2, 2009
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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