Company/Organisation:
Royal & Sun Alliance
Geographic Location
Country:
World
Company
Sector:
Financial services
Financial and insurance activities
65 - Insurance, reinsurance and pension funding, except compulsory social security
Number Employed:
50000
Group:
Royal & Sun Alliance
Employment Effects
Announcement Date:
08-11-2002
Planned Job Reductions min:
12000
Planned Job Reductions max:
12000
Type of Restructuring:
Internal restructuring
Foreseen End Date:
01-01-2004
Additional Information
Royal & Sun Alliance, the struggling insurance company, is embarking in a desperate plan for survival that will see a dramatic shrinking of its business and a 12,000 cut in its 50,000 worldwide workforce by 2004. The insurer is taking this route to avoid a £1bn cash call on its shareholders, who were reluctant to plough more money into the company.
In January 2004, Royal & Sun Alliance's website mentions the figure of 38,000 employees worldwide.
Sources:
08-11-2002The Guardian
Sources Links:
http://www.royalsunalliance.com/rsa/aboutus/corporateprofile/whoweare.jsp
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