SWISS RE JOBS SAFE
Hundreds of jobs in Norwich are safe after finance firm Swiss Re confirmed last night there was “no need for redundancies” in the city.
Swiss Re announced last April that it was looking to "streamline" its operations and shed about 1,000 jobs from its 11,000-strong global workforce.
But the company has now confirmed that Norwich will avoid the axe and staff at its offices in Colegate and Rose Lane will not face redundancy.
Swiss Re took on about 650 former Norwich Union employees in September 2007 when it took over the running of about three million NU life insurance and pension policies. The staff are employed in the firm's Admin Re division.
Swiss Re spokesman Tim Dickenson said: "We don't anticipate a need for any redundancies in Norwich.
"It's a long-term business and we have customers to serve on behalf of Aviva. It's already an efficient operation and we need these staff to carry out what we've agreed to do."
Mr Dickenson also dismissed speculation in the financial press that Admin Re was up for sale.
"Admin Re remains core to Swiss Re," Mr Dickenson added.
"But this area of our business has high capital and funding requirements, so we are exploring different business models to support its continued growth."
It is understood that the job cuts will fall instead on the reinsurance operation of Swiss Re, which occupies the landmark Gherkin office in the City of London.
Chris Starkie, Chief Executive of Shaping Norfolk's Future, said: "It's good news to hear Swiss Re is committed to Norwich and maintaining staffing levels.
"The company is a significant employer in the city's financial services sector and we have been encouraging the company to continue investing and growing here.
"This news, together with recent announcements by Swinton and Virgin Money, shows the resilience of financial services in Norwich despite the economic downturn."
Courtesy of EDP 24/06/09
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