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
170 jobs Number of planned job losses
Announcement Date
1 March 2005
Employment effect (start)
Foreseen end date
Description
The Co-operative Insurance Society is closing 14 of its offices around Britain with the loss of 170 jobs. Offices in Belfast, Edinburgh, Newcastle, Cardiff, Plymouth, Sutton, and Maidstone will go. It is also proposing closures in Watford, Chorley, Leeds, Manchester, Bristol, Southampton and Glasgow. The society says it will be balancing the job losses by the creation of new jobs in Manchester, Bury St Edmunds, Stoke, Nottingham and Rugby. It follows the announcement of the loss of 2,000 jobs in July 2004. In recent years, it has been affected by increased competition in the financial services sector. It has also been slow to respond to a growing trend for consumers to buy financial products via the internet or telephone rather than directly from a financial adviser.
Sources
1 March 2005: BBC News
Citation
Eurofound (2005), Cooperative Insurance Society, Internal restructuring in United Kingdom, factsheet number 61203, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61203.
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