Zurich Financial cutting jobs to reduce overheads

The Swiss
insurer Zurich Financial services which owns Allied Dunbar and Eagle Star is to
make 170 employees redundant in the UK.

A
cost-cutting programme will see 50 jobs lost at the Swindon offices, 60 in
Cheltenham and 60 across the rest of the UK.

Zurich
confirmed that 20 per cent of the job losses are at senior management level.

“Ex-employees
will be able to use Sanders and Sydney – a company which will offer career
advice and help them write up CVs,’ said a Zurich spokeswoman.

The
cost-cutting measures will save the company £50m in 2001 and £65m in 2002.

The Swiss insurer
issued a profits warning in February.

www.zurich.com

By Karen Higginbottom. Click here to
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