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
300 - 305 jobs Number of planned job losses
Announcement Date
29 April 2009
Employment effect (start)
1 July 2009
Foreseen end date
31 July 2009
Description
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.
Sources
29 April 2009: The Guardian
29 April 2009: BBC Website
Citation
Eurofound (2009), Clerical Medical, Merger/Acquisition in United Kingdom, factsheet number 68859, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68859.
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