Direct Line axes 70 top executives
Direct Line, the insurer that is being spun out of Royal Bank of Scotland, has axed 70 senior executives, including its chief operating officer, as it tries to save £100m a year by the end of 2014.
Jonathan Davidson, who joined Direct Line two years ago after 20 years with consultancy group McKinsey, "decided to leave" alongside Sheree Howard, managing director in charge of Solvency II, the major insurance-industry changes, the firm said.
Direct Line cut 900 jobs in September, including closing a call centre, in an attempt to reduce costs: it wants to be spending £100m a year less by the end of 2014.
The insurance group, which also includes the Churchill and Green Flag brands, employs about 15,000 staff.
State-owned RBS was ordered by regulators to sell the business as a condition of securing its bailout from the Government.
- 1 Disney heiress Abigail disowns her share of family profits in West Bank company
- 2 The secret report that helps Israel hide facts
- 3 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 4 Israel's propaganda machine is finally starting to misfire
- 5 HSBC closes bank accounts belonging to Muslim clients in the UK
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Disney heiress Abigail disowns her share of family profits in West Bank company
'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
HSBC closes bank accounts belonging to Muslim clients in the UK
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...
£450 - £650 per day + competitive: Orgtel: My client, a leading bank, is curre...
£350 - £400 per day + competitive: Orgtel: Senior Analyst, ALM Data, Halifax, ...
£500 - £600 per day: Orgtel: Java developer - Banking - London - Up to £600/d...