Munich Re denies plans to cut 5-10 pct of reinsurance ops jobs |
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Tue, 17 Apr 2007 09:19
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FRANKFURT (Thomson Financial) - Muenchener Rueckversicherungs AG denied reports that it its planning to cut jobs at its reinsurance operations as part of its growth programme 'Changing Gear'.Munich Re is not planning to cut jobs, Changing Gear is not a cost cutting programme, a company spokeswoman told Thomson Financial News partner dpa-AFX.Earlier, weekly Focus Money reported in an advance excerpt of Wednesday's edition that Munich Re was planning to cut 5-10 pct of jobs at its reinsurance operations by 2010.According to the report, consultancies Arthur D. Little and Roland Berger -- both assigned to increase efficiency and reduce costs as part of Munich Re's growth programme -- consider up to 25 pct of all jobs at the company's reinsurance operations 'dispensable' due to overlaps with primary insurance unit Ergo.Chief executive Nikolaus von Bomhard, however, believes this figure is too high, it added.Munich Re currently has around 37,000 employees including 6,900 at its reinsurance division.judith.csaba@thomson.comstw/zb/jcs/jlwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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