Re-insurance giant Swiss Re will reduce its workforce by 10% over the next year as it consolidates its IT and business-support services.
Swiss Re plans to move its IT support services into the larger Swiss RE offices which will offer support to smaller offices.
A spokesman said the plans will affect all business-support functions but he could not give specific details about IT. "We are consolidating our support functions into larger offices such as the UK office in London."
The re-organisation is part of a plan to simplify the organisation and improve operational effectiveness, said the company. It is aiming to reduce costs by £239m by the end of 2010. Swiss Re has 11 560 workers in total.
Insurance firm RSA said in February that it is cutting 1,200 jobs in the UK, including IT roles.
The company, which employs almost 9,000 people, wants to save £70m by the middle of next year.
IT underpins all parts of financial services firms, and IT workers are often among the hardest hit in a downturn. Financial services firms see IT and back-office functions as surplus to requirements when business levels fall.
Credit Suisse, which made a loss in the third quarter of this year of £704m, has announced 650 job cuts, including IT support functions.
Citigroup plans to cut its global workforce by 52,000 jobs across all businesses and geographies in the near future. Citigroup CEO Vikram Pandit revealed last month that the bank would cut 20% of its employees at the group.