Zurich group to cut 500 jobs

Zurich Insurance Group plans to cut up to 10%, or 500 jobs, from its 5,500-member workforce in Germany over the next two years as it consolidates operations, according to Reuters.

A company spokesman in Germany said the programme was limited to Germany and sought to cut costs at a time the company was investing 200 million euros ($228 million) to make its operations there more efficient.

Zurich added that the programme would include an investment of more than 200 million euros ($228 million) to make its operations there more efficient.

This follows on from last months when the insurance firm was considering buying RSA for £5.6bn, however Zurich then pulled out of the deal after engaging in talks with RSA.