Swiss Re to cut ten percent of workforce

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Swiss Re, the world's second-largest reinsurer, intends to cut 1,150 jobs over the next yearÔÇöa number equivalent to ten percent of its workforceÔÇöas it seeks to reduce costs.   Last month Swiss Re reported a net annual loss of 864 million Swiss francs ($735 million, or ┬ú518 million for 2008.   It now says it wants to cuts costs by 400 million Swiss francs, by reducing its workforce from a global total of 11,560 to around 10,000.   ÔÇ£Swiss Re will accelerate efforts to simplify the organisation and improve operational effectiveness,ÔÇØ the company said in a statement.   Reinsurers help to spread risk by acting as "insurers for insurers", but Zurich-based Swiss Re and others have incurred huge losses on investments during the credit crunch.   The company has not revealed where the axe will fall, either by geography or product line.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *