Swiss Life ready to shed jobs in 2009

The chief executive of Swiss Life has confirmed that the insurance group will cut jobs next year in a bid to save costs.

This content was published on November 19, 2008 - 10:59

Bruno Pfister told the Handelszeitung economics weekly in an interview published on Wednesday that cost management was becoming ever more significant in today's economic environment.

"Although we have made great progress in the last few years, we have to further improve our efficiency to remain competitive," he said.

When asked if that meant that jobs would have to be cut next year, Pfistzer said "yes" but declined to give further details.

Swiss Life, the country's third-largest insurance company, announced last week that its third-quarter premium volumes had fallen 11 per cent to SFr3.08 billion ($2.55 billion).

The company also warned it would not meet its full-year net profit outlook and stopped its share buyback programme.

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

Sort by

Change your password

Do you really want to delete your profile?

Your subscription could not be saved. Please try again.
Almost finished... We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.

Discover our weekly must-reads for free!

Sign up to get our top stories straight into your mailbox.

The SBC Privacy Policy provides additional information on how your data is processed.