Insurance giant Prudential is to cut 2,100 jobs, including 1,000 compulsory redundancies, following a review of its business, the company announced today.
A further 1,200 staff in the general insurance business will transfer to Winterthur, the insurance arm of the Credit Suisse group, as part of a restructuring move. The job cuts will be completed by 2003 and follow 2,000 redundancies earlier this year from the Prudential's sales force.
Prudential's Chief Executive Mark Wood, who joined the group in the summer, said the company would focus on medium and long–term savings and investments.
The changes will lead to a "step reduction" in operating costs of £175 million a year from 2004.
"Our focus going forward will be on delivering profitable growth by providing good value and secure savings, pensions and investment products to our customers." he said.
"Prudential has an outstanding business and brand in the UK and when combined with our financial strength, I believe that we are extremely well placed for the future."
The Manufacturing Science and Finance union said it would fight compulsory redundancies.
"We are engaging in detailed consultations with the company over the scale of the cuts. We will resist any compulsory redundancies among our members," said MSF General Secretary Roger Lyons.Reuse content