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
22 March 2007
Employment effect (start)
Foreseen end date
Description
Life and pensions group Standard Life is to cut 1,000 jobs in the UK. The job losses are part of a plan to save 100 million GBP a year by 2009. The firm has already cut 4,500 posts since 2004. The firm now has 10,500 employees, some 7,500 of whom are based in Edinburgh. The firm hopes most of the cuts will come from normal staff turnover. The Amicus union is seeking recognition at Standard Life to try to prevent compulsory redundancies. 'Standard Life are putting profits for their new shareholders before their loyal workforce,' said Amicus national officer David Fleming.
Sources
22 March 2007: BBC News
22 March 2007: The Guardian
Citation
Eurofound (2007), Standard Life, Internal restructuring in United Kingdom, factsheet number 65142, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65142.
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