Reinsurance group Swiss Re which has an office in Folkestone, said today it planned to cut 10% of its workforce.

The job losses, are part of an efficiency drive and will affect around 1,150 jobs.

The Zurich-based company, which has its main UK office at the "Gherkin" tower in the City of London, did not disclose where the jobs would go or how many staff were employed in the UK.

The company has been hit by write-downs and losses on its investment portfolio and is trying to reduce costs by 400 million Swiss francs (£240m) by the end of next year.