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Direct Line set to cut 2,000 jobs Direct Line set to cut 2,000 UK jobs
(35 minutes later)
Direct Line Insurance has said it plans to cut about 2,000 jobs as part of measures to reduce costs. Direct Line Insurance has said it plans to cut about 2,000 jobs in the UK as part of measures to reduce costs.
Last year. the group announced plans to save costs of up to £100m annually by 2014. Last year the group, Britain's biggest car insurer, announced plans to save costs of up to £100m annually by 2014.
It said that it had begun consultations with staff and trade unions, adding that the cuts would affect staff across head office and support functions. However, the insurer said it now wanted to step up its cost-cutting plans, aiming to save more than double the original £100m a year target.
Paul Geddes, chief executive, said that the job cuts were "another step... to regain competitive edge". Direct Line said that it had begun consultations with staff and unions over the job cuts.
It said the cuts would affect staff across head office and support functions, but it would try to redeploy those affected where possible.
Chief executive Paul Geddes said that the cost savings were "an important part of our aim to regain competitive edge".
"We have not made these proposed changes lightly and understand the impact they will have on our people," he added.
Direct Line was spun off from RBS last year as a condition for the bank's £45bn government bailout after the 2008 financial crisis.Direct Line was spun off from RBS last year as a condition for the bank's £45bn government bailout after the 2008 financial crisis.