Swiss Life To Cut 200 Jobs, Cites Ongoing Restructuring

Swiss Life Holding AG Wednesday said it would cut 200 jobs in Switzerland, citing ongoing restructuring efforts across the group, making it one of the first Swiss insurers to reduce staff in the current credit crisis, Dow Jones Newswires reported. The measures should help the life insurer reduce costs by around 90 million Swiss francs ($75.6 million) up to 2012, with half of the savings due in 2009. Restructuring costs amount to around CHF40 million, 80% of which will be charged to the 2008 financial year. Swiss Life said it aims to limit the number of layoffs with some of the staff cuts being made through attrition and early retirement. In mid-November, Swiss Life's Germany-based financial advisor arm AWD Holding AG said it would cut about 400 jobs in the U.K. Swiss Life also has sizable operations in Germany and France and has recently established an office in Singapore. It has around 9,000 employees currently. Read more.