Swiss Re will reduce its global workforce 17.5% by 2007 through layoffs and attrition as a result of its takeover of GE Insurance late last year.

More than 250 management-level positions have been cut in Swiss Re’s main offices and a second wave of up to 2000 jobs will be axed within the next four months.

Larger offices in Zurich, London, New York, Kansas City and Munich will be the most affected. Swiss Re says employees will receive appropriate separation packages and professional career support.

The job losses are aimed at boosting overall efficiency. The company says it has maintained its $US250 million ($333 million) target of one-off restructuring costs through the job cuts.