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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 in the UK as part of measures to reduce costs. | |
Last year the group, Britain's biggest car insurer, announced plans to save costs of up to £100m annually by 2014. | |
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. | |
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. |