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
600 jobs Number of planned job losses
Announcement Date
31 January 2008
Employment effect (start)
Foreseen end date
1 January 2009
Description
Friends Provident, a UK firm that operates in the insurance sector, has announced that it is to cut 600 jobs. It has not been announced by the firm where the job cuts will be implemented as of February 2008, but it seems highly likely that the majority of the job cuts will be implemented in the UK where the firm employs 4,000 at locations in Manchester, Exeter, Dorking and Salisbury. The job losses will be implemented by 2009, and have been attributed by management at the firm to financial difficulties the firm has faced. The job cuts are part of a wider process of streamlining, and follow the firm reporting a 400 million GBP decline in its annual profits. Trade union Unite condemned the job cuts, and stated that it would oppose any compulsory redundancies.
Sources
31 January 2008: The Guardian
31 January 2008: BBC News
Citation
Eurofound (2008), Friends Provident, Internal restructuring in United Kingdom, factsheet number 66266, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66266.
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