UK insurance society to shed 2,000 jobs
The insurance arm of England's Co-op is to axe 2,000 jobs under plans to modernise the service, it was announced today.
The Co-operative Insurance Society said it was responding to market and economic changes in a bid to ensure future profitability.
Around 2,500 jobs will be lost but up to 500 new “customer facing” positions will be created, leading to the loss of 2,000 posts over the next 18 months to two years.
Mervyn Pedelty, Chief Executive of Co-operative Financial Services (CFS), said: "CIS has a strong reputation with its large and loyal customer base, an enviable level of customer trust and a robust capital position.
“CIS is not immune, however, from the intensifying economic and competitive pressures occurring within its core markets and we need to take action now to ensure a vibrant, successful and sustainable future for our business.
“By taking this action we will be better placed going forward to fulfil our Co-operative mandate of meeting the needs of millions of ordinary UK households, helping to bring savings, investments and insurance to wider society, not just to the better off segments of the population.”
