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
900 jobs Number of planned job losses
Announcement Date
10 January 2004
Employment effect (start)
Foreseen end date
Description
Scottish Provident, one of UKs leading insurance provider, was bought by Abbey (formerly Abbey National) in 2001. Abbey, after considering the outsourcing of the jobs in India will transfer them to their Glasgow offices instead. Unions accused Abbey of imposing redundancies through the back door, by asking employees and their families to uproot from Edinburgh to Glasgow. Abbey is committed to a large restructuring plan aiming at returning to its core business of retail banking.
Sources
14 January 2004: The Guardian
10 January 2004: The Guardian
Citation
Eurofound (2004), Scottish Provident, Merger/Acquisition in United Kingdom, factsheet number 59541, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59541.
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