Hundreds of jobs axed by insurance firm
0 Comments | News (Portsmouth, England), The, June 6, 2008
Hundreds of jobs are to be lost as an insurance giant axes up to 900 staff.
Zurich, which employs 888 staff in its Whiteley offices, announced yesterday it was slashing its UK insurance workforce.
The firm said it needed to cut its cost base by 10 per cent by trimming between 700 and 900 jobs from its 5,400-strong workforce nationally.
A 90-day consultation with the Union of Finance staff has been announced to decide which jobs in which centres will be hit.
Spokeswoman Susannah Mogg said: ‘The insurance industry is competitive. Everybody wants to get the cheapest insurance they can and we need to compete in this marketplace.
‘We need to be as lean as possible and keep our cost base as tight as possible.
‘You have to be as cost-effective as possible in business and at the moment, given difficult market conditions, it is even more so.
‘This announcement could affect anyone within our business – we don’t know yet where these jobs will come from. It’d be inappropriate to comment on an ongoing process. We’re looking at all people, all processes, and all locations
cheapest business insurance