The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
1,000 jobs Number of planned job losses
Announcement Date
5 September 2003
Employment effect (start)
1 September 2003
Foreseen end date
1 December 2004
Description
Royal & Sun Alliance, the second insurance group in the UK, will cut 1,000 jobs in its UK branch. These cuts add up to the ones previously announced and are due to the weakening of the market and the lack of personal funding of the group. The suppressed jobs in the UK will be integraly externalised, some of them (about 100) to India.
Sources
5 September 2003: The Guardian
5 September 2003: Les Echos
Citation
Eurofound (2003), Royal & Sun Alliance, Internal restructuring in United Kingdom, factsheet number 60061, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60061.
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