Swiss Re is axing 1,000 jobs as it attempts to cut costs across the business.

The reinsurer is slashing its global workforce of 11,560 by approximately ten per cent over the next 12 months, sparking fears more jobs will be lost in London’s financial centre.

Swiss Re said in a statement it is taking steps to focus on profitable core business and strengthen its capital position, which will reduce costs by CHF400 million.

The firm added: “Swiss Re will also accelerate efforts to simplify the organisation and improve operational effectiveness.”

Swiss Re declined to confirm how many employees work in London, or how many staff would be affected in the UK.

The firm also said it would promote Agostino Galvagni as chief operating officer, with chief executive officer Stefan Lippe saying the move would “strengthen our leadership team”.