Unraveling my salami at Swiss Re – Inside Paradeplatz

Swiss Re is a tragedy. In 5 years the stock has stopped. Meanwhile, Hanover Re’s competition is up 60 percent.

In charge is CEO Christian Momenthaler. But he’s confident as hell in the saddle – despite the misery on the track. Today more than ever.

With the quick departure of Sergio Ermotti, only one person at Swiss Re is leading. Momentaler.

Now he’s reorganizing the company – again. New divisions from early April bring lots of internal excitement but no new clients yet.

The crew pays the bill. You are threatened with demolition. One source says a tenth of jobs could disappear.

“The primary objective of this reorganization is to be closer to our customers and to further empower our employees to support the overall strategy,” says a Swiss Re spokesperson.

“As a side benefit, we also expect to see some savings as we become simpler and smaller as an organization.”

According to the source, various human resource departments are already in the starting blocks to send blue letters.

The insider said layoffs will be sporadic to avoid expensive social plans.

salami lysis.

The Swiss Re band was “bleeding” the most at the headquarters in Zurich’s Mythenquai. There, cadres and employees fear for their future.

It seems that the managers were not spared from this. As always, the new regulation, which came into force on April 3, has generated much discussion in positions from top to bottom.

First the highest, they choose the second highest, then the third highest. Some could not find a place in the sun – they will now have to face dismissal.

Not worth mentioning, says CEO Mumenthaler. in NZ Today After a disappointing 2022, he spread confidence with a small win.

Swiss Re helmsman says it is “realistic to make a profit of $3 billion by the end of the year”.

There have often been lofty goals, but so far they have been almost never followed by action. Swiss Re has long since lost its strongest characters in the competition: Jean-Jacques Henchoz went to Hannover RE, Thierry Léger to Scor.

Enemies gone, Ermotti returned to UBS – and now Mumenthaler can dance freely again on the Swiss Re grand stage.

With a digital baby called iptiQ, he can show that he is the right man for the late start of the multinational financial company.

It is an initiative for primary insurers such as Zurich. So far, the losses have been the main ones. 250 million in 2021, 360 million in 2022, and in 2023 another quarter of a billion is expected – at least.

Together nearly a billion. problem?

“iptiQ is now moving from the start-up phase to the expansion phase,” says Swiss Re’s media office. “We are confident that the department is on track to break even in the coming years.”

This is how it works at Swiss Re under its CEO. Losses, movement through a redesign rather than a client interface, and a lot of waking up activity. At best, Ermotti would have been dangerous to Momenthaler.

Now Ticino is wanted at New UBS. And Christian Momenthaler enjoys life on the shores of beautiful Lake Zurich.