Restructuring events
European Restructuring Monitor (ERM)
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.
The Clerical Medical brand name is to be axed by Lloyds Banking Group, creating over 300 job losses in Bristol and Edinburgh by the end of July. The group has decided to keep only the Scottish Widows brand for its pensions and investment services following the takeover of HBOS. Lloyds has taken the measure in order to streamline its business, having been left with a number of competing businesses as a result of the takeover, and has established that the Scottish Widows' name is the better known and trusted of the two. It was announced that many of the cuts will be achieved by less use of contractors and voluntary redundancies, but that compulsory redundancies may be inevitable.
Eurofound (2009), Clerical Medical, Merger/Acquisition in United Kingdom, factsheet number 68859, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68859.