Germany's Munich Re to cut costs but no job losses planned [Yahoo! Finance]
MUENCHENER RE GP UNSP/ADR (MURGY)
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Source: Yahoo! Finance
At the Bavaria-based company's presentation of new medium-term targets, outgoing chief executive Joachim Wenning said the group aims to cut costs by €600 million ($699 million) by 2030, with €200 million to be saved as early as next year. Wenning and his designated successor Christoph Jurecka said during a video conference, leaving open the question of how this would be achieved. "We are not planning any job cuts at the moment," said Wenning. However, Munich Re is currently in talks with the employee side, he added. The company still expects a profit of €6 billion for the current year. This means that the group is likely to exceed its medium-term targets for 2025 across the board, said Wenning. In 2026, consolidated profit is expected to rise to around €6.3 billion. By 2030, earnings per share are expected to grow by an average of more than 8%.
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