EMCC European Monitoring Centre on Change

Royal & Sun Alliance

Royal & Sun Alliance

Geographic Location

Country: World


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.