By Max Fischer 

«Following the completion of the legally required information and consultation process at the end of January, initial discussions have taken place in recent weeks with employees whose positions are affected by the announced job cuts,» company spokeswoman Fiona Egli told finews. However, Helvetia Baloise declined to provide concrete figures.

Industry insiders report around 600 positions affected between January and the end of March.

Up to 1,800 Jobs to Disappear in Switzerland

As part of the merger, the new company plans to cut up to 2'600 jobs between 2026 and 2029. In Switzerland alone, according to Egli, between 1'400 and 1' 800 employees are affected: 1'000 to 1'200 in the Swiss market unit and 400 to 600 in group functions.

The insurance group says it will do everything possible to keep the number of actual layoffs as low as possible, including through natural attrition or early retirement. A former Baloise employee told finews that he fears there will be many «hidden layoffs,» making the figures appear more favorable than they are. He claims that more and more responsibilities were gradually taken away from him—until he ultimately resigned of his own accord. He says he is not an isolated case.

What is clear: jockeying for position, internal competition, and the emergence of a two-tier workforce are part of everyday business in financial-sector mergers.

It’s Up to the Company

«The success of the merger depends less on the market environment—Helvetia Baloise is a self-help story and can achieve success independently of general conditions in the insurance market,» says Vontobel analyst Matteo Lindauer.

In other words, the company holds the key itself: How well can it integrate values and corporate cultures? How effectively can synergies be leveraged and costs reduced?

According to Lindauer, the full impact of the merger is unlikely to become visible for another three years. The analyst hopes to gain more clarity at the Capital Markets Day in London on April 15, particularly regarding the company’s strategic focus after integration.