EMCC European Monitoring Centre on Change

Zurich

Company/Organisation:
Zurich

Geographic Location

Country: United Kingdom

Company

Sector: Financial services
Financial and insurance activities
65 - Insurance, reinsurance and pension funding, except compulsory social security

Employment Effects

Announcement Date: 12-09-2012
Planned Job Reductions min: 200
Planned Job Reductions max: 200
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-10-2012

Additional Information

Insurance company Zurich has announced plans to cut 200 jobs across the UK in an effort to cut costs. The cutbacks were blamed on the market backdrop and imminent regulatory and market changes. The company is not cutting any product lines and will maintain a focus on the advisory market. As part of the restructuring, the number of branch offices is being streamlined from nine to five by the end of October 2012.