Swiss Life plans job and cost cuts

Swiss Life, Switzerland’s largest life insurer, has posted first-half profits that were better than expected but said it will cut costs and reduce its workforce.

Costs will be cut by the equivalent of around two hundred and sixty million euros and 520 jobs will go in Switzerland by 2012.

Swiss Life said one reason for the cutbacks is that recent investments in Germany failed to yield hoped for benefits.

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tags: Insurances, Switzerland, Unemployment