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
900 jobs Number of planned job losses
Announcement Date
26 April 2017
Employment effect (start)
Foreseen end date
31 December 2017
Description
Insurance company Swinton Insurance has announced that it intends to cut staff numbers by 900 across its UK operations. The decision to cut jobs is a response to customer behaviour, with around 90% of the firm's business being conducted via telephone or online. The company is proposing to close 84 of its high street branches and is also reviewing the role of one of its call centres in Norwich, which currently employs 183 staff. Even with the proposed cuts, Swinton will still remain as the largest broker on the high street. A formal consultation is due to begin with affected workers, who may be redeployed to other parts of the business if possible. It is expected that the job cuts will be complete by the end of 2017.
Sources
26 April 2017: BBC Website
27 April 2017: The Guardian
Citation
Eurofound (2017), Swinton Insurance, Internal restructuring in United Kingdom, factsheet number 90982, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90982.
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