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FRANKFURT, Germany (AP) - DBV-Winterthur Holding AG said Monday it will cut 550 jobs in Germany, or about 15 percent of its work force in the country in the coming months.
The company, which employs 3,700 people in Germany, said the cuts are part an effort to reduce costs and are expected to save some $77 million annually.
The Wiesbaden-based insurer, part of the Zurich-based Credit Suisse Group, said it hopes to avoid layoffs and is consulting with its workers' council to do so.
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