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 Activities Auxiliary To Financial Services And Insurance Activities Activities Auxiliary To Financial Services And Insurance Activities 66 - Activities auxiliary to financial services and insurance activities
600 jobs Number of planned job losses
Announcement Date
15 October 2013
Employment effect (start)
15 January 2014
Foreseen end date
Description
Financial services provider Legal & General Assurance Society (LGAS), subsidiary of the London based Legal & General Group is to cut around 600 jobs.
As announced, the consultation period with the employee representatives has already been inititated and the job losses follow a merge of the group’s protection and savings divisions into the newly established LGAS in a move to improve customer oriented provision of services.
According to the sources the job cuts may take place in Birmingham, Hove, Kingswood and London.
Legal & General announced that possibly some of the redundant staff will be offered redeployment.
Unite has expressed its dismay to the job reduction plans.
Sources
15 October 2013: Postonline
15 October 2013: Insurance Age
15 October 2013: Insurance Times
Citation
Eurofound (2013), Legal & General Assurance Society, Internal restructuring in United Kingdom, factsheet number 76017, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76017.
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