Swiss Re said yesterday it would cut 10% of its workforce, or almost 1,200 jobs, in an attempt to cut costs and tackle tougher markets.

The news came alongside the appointment by Stefan Lippe, the lossmaking Swiss reinsurer’s new chief executive, of a trusted lieutenant as chief operating officer.

The job cuts, due over the next 12 months, were not detailed but the group said it would close some offices to streamline operations.

Financial Times