Swiss Re, the world's second-larger reinsurer, said today it plans to cut 10 per cent of its workforce over the next 12 months in a bid to cut costs by 400 million Swiss francs ($349.6 million) by 2010.
Zurich-based Swiss Re also said it would promote Agostino Galvagni as chief operating officer.
"Swiss Re intends to reduce its current global headcount of 11,560 by approximately 10 per cent over the next twelve months," the reinsurer said in a statement.
