Insurer Standard Life Axes Up To 600 Jobs
2:37pm UK, Wednesday September 01, 2010
Up to 600 jobs are being cut at life and pensions group Standard Life, it has been announced.
Standard Life states it hopes to limit the number of compulsory redundancies
The insurer stated around 480 jobs will go in Edinburgh and about 95 at its regional offices across the UK, with another 25 from its overseas operations.
The jobs will be cut over the next 15 months, but Standard Life stated it was also creating 100 jobs elsewhere in the business.
Our people will be provided with the support they need while the group goes through this necessary change.
Chief executive David Nish
Standard Life stated 100 of the jobs being cut are held by contractors, while it hopes around 100 will go through natural staff turnover.
The group said: “Standard Life will do everything that it can to redeploy the remaining employees back into the business and every effort will be made to keep compulsory redundancies to a minimum.”
The jobs blow comes as part of an on-going restructure at the group, which has also seen it slim down its operations with the recent sale of its banking and health-care operations.
Standard Life Share Price 1-Day Chart
David Nish, chief executive of Standard Life, said: “There is a need to both invest for future growth and actively manage our costs to be competitive.
“The decision announced this day is part of the journey towards being a more adaptable and flexible organisation.”
He added: “Our people will be provided with the support they need while the group goes through this necessary change.”
The group employs 10,000 staff globally, of which 6,000 are in Scotland.
Related News:
- Intermittent, low-carbohydrate diets more successful than standard dieting, study finds
- Monadelphous to join S&P/ASX100
- Microsoft Launches Gears of War 3 for Markets in India
- Bernanke’s Right Hand
- Standard Chartered Bank Forms Strategic Partnership With China Telecom Shanghai
- Nyko’s New Raven Controller for PS3 Out Now on Retail
- Sandfire Resources added to S&P/ASX200
- Dems’ Parade of Health Care Lies
- Insurer Fined For Losing Customers’ Details
Details :
Submited at Thursday, September 2nd, 2010 at 12:00 am on Business by madison
Comment RSS 2.0 - leave a comment - trackback