QBE to shed 700 local jobs

The insurance giant’s new CEO is set to wield the axe on the firm’s Australian headcount and more than 700 jobs could be gone. What’s the rationale for this severe chop?

According to The Australian Financial Review John Neal is reportedly moving ahead with a cost savings drive across QBE, which is set to result in significant job losses. 

Neal's push is aimed to save $US200 million in annual operating costs and will consider a broad series of job cuts in the New Year. Sources close to the situation reportedly estimate more than 700 jobs could be shed from QBE's local operations under Neal's plan.