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
500 jobs Number of planned job losses
Announcement Date
30 July 2008
Employment effect (start)
Foreseen end date
Description
Norwich Union, an insurance firm, has announced that it is to cut 500 jobs from its York office. No further data is available on how many people will remain at the company’s York office, or when the jobs will be cut. The company stated that the job losses were as a result of outsourcing the back office administration for its Lifetime Wrap IT platform to Scottish Friendly in Glasgow. The Lifetime Wrap department, which administers investors' portfolios online, currently employs 300 people in York. The other department to be ousourced is the Collective Investments Administration Unit, which employs 200 people in the York office, and this will be outsourced to International Financial Data Services in Basildon in Essex.
Both company management and union representatives (Unite) have both indicated that they are seeking to minimise the level of compulsory redundancies required in the restructuring.
Sources
30 July 2008: BBC News
1 August 2008: Evening Courier
Citation
Eurofound (2008), Norwich Union, Outsourcing in United Kingdom, factsheet number 66942, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66942.
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