Clal Insurance cuts 30 more jobs

Since Izzy Cohen was appointed CEO of Clal Insurance six weeks ago, the company has fired 80 employees.

The wave of layoffs at IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) is swelling. Sources inform ''Globes'' that employees received e-mails today for layoff hearings. Market sources estimate that the number of notices is in the triple digits, given that sources close to management say that 30 employees will receive layoff notices by the end of the week.

Figures obtained by "Globes" indicate that since Izzy Cohen was appointed CEO of Clal Insurance six weeks ago, the company has fired 80 employees, 2% of its workforce in Israel, including the 30 employees in the current round.

Clal Insurance's streamlining and refocus on core businesses, especially pension savings will reportedly include more layoffs. Yesterday, Cohen announced the firing of 15 mid-level managers.

Published by Globes [online], Israel business news - www.globes-online.com - on January 16, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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