The global insurance company said the reduction in its size is part of a wider drive to “deliver profitable growth in the light of challenging markets”.
The company, which employs around 1,400 people in the UK, said the job cuts would come from functions including senior management, finance, legal, risk, compliance, operations and marketing. Zurich said it has notified those whose jobs are at risk and that it will now enter a 300-day consultation process.
David Sims, chief executive for Zurich Global Life in Europe and interim CEO for Zurich’s UK Life business, said: “It is always hard to make decisions which impact our people in this way, and we will do everything we can to support them through this process.”
Sims added that, with today’s economic uncertainty, “it is more important than ever that we, like all companies, protect our business”.
