Direct Line Insurance has said that it is planning to cut 2,000 UK jobs as it steps up plans to reduce costs.<\/p>\n
The firm announced in August 2012 plans to reduce gross annual costs by \u00a3100m a year, but now plans to save more than double this target.<\/p>\n
The latest cuts affect about 14% of its 14,400 staff. Direct Line has already cut 1,200 jobs since August.<\/p>\n
Direct Line said that it had begun consultations with staff and employee representatives over the job losses.<\/p>\n
It said the cuts would affect staff across head office and support functions, but it would try to redeploy those affected where possible.<\/p>\n
Direct Line Insurance Group – which also owns the Churchill and Green Flag brands – was spun off from RBS last year as a condition for the bank’s \u00a345bn government bailout after the 2008 financial crisis.<\/p>\n
RBS still holds a 48.5% share in Direct Line, but it has to sell its entire stake in the firm by the end of 2014.<\/p>\n
Direct Line operates in 16 locations across the UK including London, Croydon, Bromley, Leeds, Glasgow and Manchester.<\/p>\n
Its Teesside call centre is scheduled to close next week as part of of the firm’s original cost-cutting plans.<\/p>\n
Chief executive Paul Geddes said that the cost savings were "an important part of our aim to regain competitive edge".<\/p>\n
"We have not made these proposed changes lightly and understand the impact they will have on our people," he added.<\/p>\n
\n source: http:\/\/www.bbc.co.uk\/<\/p>\n","protected":false},"excerpt":{"rendered":"
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