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 Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
670 jobs Number of planned job losses
Announcement Date
15 July 2011
Employment effect (start)
Foreseen end date
Description
Co-operative Financial Services (CFS) has announced plans to cut 670 jobs with the closure of its door-to-door sales team. CFS said the division faced rising regulatory costs with the introduction of new rules on financial advice. Of the job cuts, 497 will be from sales staff, with the remainder in office-based managerial and support roles. As of 18 July 2011, no specific date was given for the implementation of the cuts.
Sources
15 July 2011: BBC News
Citation
Eurofound (2011), Co-operative Financial Services (CFS), Closure in United Kingdom, factsheet number 72197, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72197.
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