Zurich Financial Services AG might cut jobs in German division

Zurich Financial Services AG is the largest insurer in the Swiss market and the company is now said to be considering cutting as many as 1,000 jobs at its German unit.

This would see the company eliminate 17.5 percent of the workforce as they plan to cut costs over the period of next three years.

Dirk-Michael Mitter, a spokesman at the unit said in a statement: “The number of 1,000 job cuts is being discussed with unions and the workers’ councils at Zurich Gruppe Deutschland, but we have not come up with a decision yet.”

Zurich Financial Services is aiming at saving around 100 million euros over three years as the competition in the market is making it harder for them to compete with current spending on the workforce.