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
200 jobs Number of planned job losses
Announcement Date
12 September 2012
Employment effect (start)
1 October 2012
Foreseen end date
Description
Insurance company Zurich has announced plans to cut 200 jobs across the UK in an effort to cut costs. The cutbacks were blamed on the market backdrop and imminent regulatory and market changes. The company is not cutting any product lines and will maintain a focus on the advisory market. As part of the restructuring, the number of branch offices is being streamlined from nine to five by the end of October 2012.
Sources
12 September 2012: Money Marketing
Citation
Eurofound (2012), Zurich, Internal restructuring in United Kingdom, factsheet number 74144, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74144.
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