Direct Line

Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
London, Croydon, Bromley, Leeds, Glasgow, Manchester
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
2,000 jobs
Number of planned job losses
Job loss
Announcement Date
26 June 2013
Employment effect (start)
27 June 2013
Foreseen end date

Description

On 26th of June 2013, insurance company Direct Line announced plans to cut 2,000 jobs across the UK. The announced job losses are part of wider cost cutting measures aimed at improving efficiency and competitiveness.

The company aims at cutting more than £200m a year and has already entered consultation with affected staff and employee representatives. The cuts are more likely to affect head office and support staff. The company stated that it would try to redeploy affected staff where possible.

Direct Line has operations in 16 UK locations including London, Croydon, Bromley, Leeds, Glasgow and Manchester.

In 2012, Direct line already cut 891 jobs across the UK (see here).

Sources

  • 26 June 2013: BBC News

Citation

Eurofound (2013), Direct Line, Internal restructuring in United Kingdom, factsheet number 75602, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75602.