XL to cut workforce by 10% as losses spiral; shares up 40%
Bermudian reinsurer XL has said that it will be looking to cut its worldwide workforce by 10% in an effort to cope with the world economic downturn.
The last available number given at the end of 2007 was 4000 employees - although XL have made reductions to headcount since.
XL said that most of the cuts will come from the corporate and functional
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