600 jobs go at Standard Life

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The Independent Online

Up to 600 jobs are being cut at life and pensions group Standard Life, it was announced today.

The insurer said around 480 jobs will go in Edinburgh and about 95 across its regional offices across the UK, with another 25 axed across its overseas operations.

The jobs will be cut over the next 15 months, but Standard Life said it was also creating 100 jobs elsewhere in the business.

Standard Life said 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 ongoing restructure at the group, which has also seen it slim down its operations with the recent sale of its banking and healthcare operations.

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 today 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.

Scottish Secretary Michael Moore said: "The news of jobs losses at Standard Life is a real cause for concern."

He urged the firm to "do all it can to minimise the numbers of staff affected".

Mr Moore said he would be meeting Standard Life's chief executive shortly and would discuss the situation with him.

He said: "Financial services will continue to play a key role in Scotland's economy and I will continue to do all I can at UK Government level to support and grow the number of jobs the sector brings to Scotland."