Australian insurer downplayed reports that as many as 3,000 jobs could go
QBE has confirmed that it plans to cut 700 jobs across America, Europe and Australia as it moves some of its back-office operations to Manila and Bangalore.
According to a report by The Australian, QBE chief executive John Neal played down reports that the company planned to cut up to 3,000 jobs in the next few years, but he did say that the company intended to reduce numbers in its back-office operations.
“Seven hundred is the ballpark for what we hope to achieve in our major operating divisions,” he told a media briefing today.
“Three thousand is nowhere near firmed up. We still need to have discussions with our workforce, the board needs to have those discussions, and those discussions have not yet taken place.”
The news follows the company’s results, which show an 8% increase in net profit after tax of $761m (£509m), but the insurer reported a “disappointing” underwriting result, having been affected by the US drought and Superstorm Sandy. Gross written premium growth was modest, up just 1% to $18.4bn (£12.1bn).
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