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
1,000 jobs Number of planned job losses
Announcement Date
31 March 2004
Employment effect (start)
Foreseen end date
Description
Standard Life is facing demutualisation and plans to cut 1,000 jobs, it was revealed today.
In a statement published this morning, Standard Life, the second largest life insurer in Europe, said today that its UK life and pensions business would be "repositioned to achieve profitable growth". In practice, this will require a "significant" reduction in costs of 20% and a loss of 1,000 jobs by the end of the year. Most of the job cuts, around 880, will be in Edinburgh and Standard Life said it could not rule out compulsory redundancies.
Sources
31 March 2004: The Guardian
Citation
Eurofound (2004), Standard Life, Internal restructuring in United Kingdom, factsheet number 60226, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60226.
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