Winterthur to Merge Operations, Cut 350 Jobs

February 25, 2003

Zurich-based Winterthur, the insurance subsidiary of Credit Suisse Group, announced that it plans to combine its two principal divisions outside of Switzerland, P/C insurance and life and pension operations, under one unified management structure.

The move is seen as a response to ongoing financial problems, both at Winterthur and the parent company, which recently reported a $694 million fourth quarter net loss, and a $2.41 billion full year loss.

According to a report from Dow Jones Newswires Leonhard Fischer will head the combined group with a single executive board. Plans call for achieving increased efficiencies and cutting around 350 job positions, as the company aims to restore profitability, and strengthen its position in the insurance market.

The Swiss operations will continue to be managed separately, but the company expects the two units to work closely together.

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