More than 200 jobs in Birmingham could be at risk after insurer Zurich announced it was carrying out a restructuring operation to try and head off problems caused by the credit crunch.
Across the UK, the company said it was consulting with 1,300 workers – almost a quarter of its 5,300 employees – over possible job losses.
However, it has said it hopes to minimise this to around 870.
In Birmingham, the firm said 223 people were at risk of redundancy although it was hoped to reduce the losses to between 70-90 workers.
However, it said its remaining 331 workers in the city, who are spread across in Hagley Road and Rubery, would be unaffected and the company was committed to retaining a presence in Birmingham.
Guy Munnoch, the company’s UK general insurance chief executive, said: "Market conditions remain tough and look likely to remain challenging throughout 2008.
"To ensure we remain in a strong, competitive position for the future, we have decided to act swiftly and reduce our cost base, enhance our effectiveness, whilst maintaining our customer focus."