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
19 June 2006
Employment effect (start)
Foreseen end date
1 June 2008
Description
Insurance firm Royal & Sun Alliance has announced plans to cut 1,000 jobs in the UK by June 2008. The cuts in the UK will be split between the group's claims, retail and broker businesses. The insurer, which has 10,000 staff in the UK including sites in Sussex, Liverpool and Manchester, said it hoped to limit compulsory redundancies. The job cuts would help save £70m in the next two years in the UK and £130m across the group, it said.
'We have set out some pretty ambitious growth targets and key to that is going to be reducing our expenses to make us easier for people to do business with,' said external communications manager Jon Sellors.
It was too early to say where the jobs would be going, and the firm would be talking with unions, Mr Sellors said. About half the jobs are expected to go through staff turnover. A spokesman for Amicus said the union was disappointed at the number of jobs being cut and would work with the firm to try and reduce the number of compulsory redundancies.
Sources
19 June 2006: BBC News
19 June 2006: The Financial Times
Citation
Eurofound (2006), Royal & Sun Alliance, Internal restructuring in United Kingdom, factsheet number 63673, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63673.
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