Type
Internal restructuring
Country
Denmark
Region
KĂžbenhavn og Frederiksberg kommuner;
Location of affected unit(s)
Copenhagen
Sector
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

100 jobs
Number of planned job losses
Job loss
Announcement Date
8 March 2007
Employment effect (start)
1 April 2007
Foreseen end date
31 December 2008

Description

On a press conference 8 March 2007 the CEO of the insurance company Codan announced that 75 employees will be made redundant during 2007 and further 25 in 2008, i.e. 100 jobs in all. At the end of 2006 there were 1,489 employees in the Danish department in Copenhagen. The CEO said that this was a continuation of the company policy that so far have resulted in the redundancy of 250 jobs as part of a comprehensive restructuring of costs. He did not specify the timespan over which the 250 redundancies took place, but it was understood that it was before the end of 2006. Codan is owned by Royal & Sun. The 100 redundancies will take place within IT, examination of claims and sales.


Sources

  • 9 March 2007: Ritzaus Bureau

Citation

Eurofound (2007), Codan A/S, Internal restructuring in Denmark, factsheet number 64345, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64345.