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Direct Line set to cut 2,000 UK 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 in the UK as part of measures to reduce costs. Direct Line Insurance has said that it is planning to cut 2,000 UK jobs as it steps up plans to reduce costs.
Last year the group, Britain's biggest car insurer, announced plans to save costs of up to £100m annually by 2014. The firm announced in August 2012 plans to reduce gross annual costs by £100m a year, but now plans to save more than double this target.
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. The latest cuts affect about 14% of its 14,400 staff. Direct Line has already cut 1,200 jobs since August.
Direct Line said that it had begun consultations with staff and unions over the job cuts. Direct Line said that it had begun consultations with staff and unions over the job losses.
It said the cuts would affect staff across head office and support functions, but it would try to redeploy those affected where possible.It said the cuts would affect staff across head office and support functions, but it would try to redeploy those affected where possible.
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 £45bn government bailout after the 2008 financial crisis.
It operates in 16 locations across the UK including London, Croydon, Bromley, Leeds, Glasgow and Manchester.
Its Teesside call centre is scheduled to close next week as part of of the firm's original cost-cutting plans.
Chief executive Paul Geddes said that the cost savings were "an important part of our aim to regain competitive edge".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."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.