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 65.1 - Insurance
200 jobs Number of planned job losses
Announcement Date
16 May 2014
Employment effect (start)
14 August 2014
Foreseen end date
31 December 2014
Description
Insurance broker Willis is reported to be considering redundancies for 200 staff at its London office. This move is part of a larger plan to cut costs across the company's global operations. In the first quarter of 2014 the company had announced that it would transfer 3,500 jobs to other locations in order to reduce costs. It is estimated that the restructuring plan will be complete by the end of 2017.
The exact number of jobs under threat in this latest part of the restructuring has not been confirmed by the company, but it is understood to be 200. It has been confirmed that discussions are underway with UK employees. Furthermore it is also understood that some of the employees affected may be offered relocation packages from the London office to the Ipswich office, though the numbers that might be offered these terms is not known yet.
Updated, 14-08-2014: At a briefing to analysts about the company's first half 2014 results, Willis Group Executive Dominic Casserley has confirmed that the company will cut its UK workforce by 200 jobs by the end of 2014.
Eurofound (2014), Willis, Internal restructuring in United Kingdom, factsheet number 77170, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77170.
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