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A mass layoff occurred this week at Zurich Insurance, with 15 to 20 risk experts being immediately dismissed from their offices. These individuals, some of whom had been with the company for many years, will continue to receive their salaries for the next few months, but only if they do not find new employment. Additionally, the expense allowance, which can account for up to a fifth of their wages, has been eliminated, and any unused vacation days will be forfeited.
Mario Greco, the Italian executive at the helm of the insurance conglomerate, is known for his tough approach. Under his leadership, Peter Giger, a former top official at Finma, has taken charge as Chief Risk Officer, overseeing the entire risk apparatus of the financial multinational. The company has been generating significant profits under Giger’s command, and its stock is considered one of the top performers in the sector.
Giger is described as having a large ego, and many highly regarded individuals have left the Zurich ship under his command in recent months. One notable departure is Katja Pluto, a risk specialist who had been of great value to the company. She announced her resignation on LinkedIn after more than 25 years in the financial sector. Pluto has since joined the boards of Axpo and other important firms, including MS Reinsurance.
Pluto’s direct approach apparently did not sit well with her superior, Giger, as she left while he was able to continue in his position. Another long-time employee in the risk department also expressed his departure from Zurich on LinkedIn, stating that he was informed of a restructuring that would impact his team and himself. He outwardly remained composed, demonstrating professional behavior.
Despite the significant number of resignations in the central risk management area, Zurich Insurance has yet to respond to media inquiries about the layoffs.