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Zurich Cuts Technology Spend as Greco Seeks $1.5 Billion Savings

  • Chief risk officer Reyes says difficult to harvest benefits
  • Reyes does not rule out job cuts to hit 2019 cost target
E-Waste Processing At The Super Dragon Technology Co. Facility
Photographer: Billy H.C. Kwok/Bloomberg

Zurich Insurance Group AG, Switzerland’s biggest insurer, plans to cut spending on large technology projects as it seeks to reduce costs, according to chief risk officer Cecilia Reyes.

“Managing, harvesting the benefits from these investments” is a challenge, Reyes said in a Jan. 11 interview at Bloomberg’s London office. “We will cut that back and be more focused.”