Egg losses continue on flotation news

first_imgEgg losses continue on flotation newsOn 29 Feb 2000 in Personnel Today Comments are closed. Related posts:No related photos. Business round up• Prudential has admitted that its Internet banking arm Egg will run upbigger losses than predicted after the insurer announced plans to float theoperation on the stock market this year. Egg is expected to break even in the “latter part of 2001”. TheCity had originally expected it to move into profit in the early months of nextyear. The insurance and banking group, which is used by one in six of the adultpopulation, reported a 10 per cent slide in operating profits for last year to£776m. The company said Egg is again expected to make losses of £150m thisyear. Excluding Egg, “re-engineering costs” and amortisation ofgoodwill, operating profits were £996m, up 6 per cent. Guardian OnlineUnilever restructure sees 100 closuresUnilever is to shed 25,000 jobs and close 100 factories worldwide as part ofa huge restructure to improve the company’s competitiveness.Most the jobs will go in Europe and North America along with the ditching of1,200 of its 1,600 brands, including household names such as Pear’s soap,Radion washing powder and Jif lemon. Guardian Online4,000 UK jobs to go in insurance merger Approximately 4,000 UK jobs will be lost as a result of the merger betweeninsurance firms CGU and Norwich Union, the companies announced last week. It is not yet known where the jobs will go or whether any HR jobs will beaffected. A total 5,000 jobs are expected to be cut worldwide out of a combinedworkforce of 70,000. Previous Article Next Articlelast_img