Swiss Re Plans GE Job Cuts

January 20, 2006

While Swiss Re and General Electric are working to close the sale of GE Insurance Solutions, it seems that less GE employees will be working at all when the deal is completed.

Swiss Re indicated on Wednesday, Jan. 18, that between 1,100 and 1,700 jobs could go when the two companies come together to form the world’s largest reinsurer. Widely circulated reports (Dow Jones, Bloomberg, Reuters) all noted that various spokespeople at Swiss Re have confirmed that the company was planning to reduce the workforce by between 10 and 15 percent in an ongoing effort to cut costs by $300 million.

Most of the work force reductions will be in countries where both companies have offices – mainly in the U.S., the U.K. and Germany. Beat Werder, a Swiss Re spokesman, noted, however that GE’s Overland Park, Kansas headquarters would be maintained.

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