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
891 jobs Number of planned job losses
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://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74147.
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