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
2,000 jobs Number of planned job losses
Announcement Date
26 June 2013
Employment effect (start)
27 June 2013
Foreseen end date
Description
On 26th of June 2013, insurance company Direct Line announced plans to cut 2,000 jobs across the UK. The announced job losses are part of wider cost cutting measures aimed at improving efficiency and competitiveness.
The company aims at cutting more than £200m a year and has already entered consultation with affected staff and employee representatives. The cuts are more likely to affect head office and support staff. The company stated that it would try to redeploy affected staff where possible.
Direct Line has operations in 16 UK locations including London, Croydon, Bromley, Leeds, Glasgow and Manchester.
In 2012, Direct line already cut 891 jobs across the UK (see here).
Sources
26 June 2013: BBC News
Citation
Eurofound (2013), Direct Line, Internal restructuring in United Kingdom, factsheet number 75602, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75602.
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