Direct Line

Type
Internal restructuring
Country
United Kingdom
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
891 jobs
Number of planned job losses
Job loss
Announcement Date
5 September 2012
Employment effect (start)
5 September 2012
Foreseen end date

Description

Insurance Group Direct Line has announced plans to cut 891 jobs across the UK in an effort to reduce costs and increase profitability. The first phase of the cutbacks will include the closure of its call centre in Teesside and the reduction of costs at its head office in Bromley. The company has started consulting with the affected staff and unions.

The cuts were deemed essential given the company plans for a stock market listing in October 2012.

Sources

  • 30 October 2012: The Independent
  • 5 September 2012: Reuters

Citation

Eurofound (2012), Direct Line, Internal restructuring in United Kingdom, factsheet number 74147, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74147.