Royal & Sun Alliance

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
12,000 jobs
Number of planned job losses
Job loss
Announcement Date
8 November 2002
Employment effect (start)
Foreseen end date
1 January 2004

Description

Royal & Sun Alliance, the struggling insurance company, is embarking in a desperate plan for survival that will see a dramatic shrinking of its business and a 12,000 cut in its 50,000 worldwide workforce by 2004. The insurer is taking this route to avoid a £1bn cash call on its shareholders, who were reluctant to plough more money into the company.

In January 2004, Royal & Sun Alliance's website mentions the figure of 38,000 employees worldwide.

Sources

Citation

Eurofound (2002), Royal & Sun Alliance, Internal restructuring in World, factsheet number 60228, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60228.