The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
575 - 576 jobs Number of planned job losses
Announcement Date
1 September 2010
Employment effect (start)
Foreseen end date
Description
Insurance and pensions group Standard Life is to cut 600 jobs over the next 15 months as part of a major overhaul of the business. The cuts are being made in order to streamline operations and shift the group's focus to long-term savings products such as individual and company pensions, rather than life insurance and investment bonds.
480 jobs will be cut in Edinburgh, with a further 95 to go at regional offices across Britain and 25 from its overseas operations. Of the jobs being cut, about 100 are held by contractors, another 100 of the reductions are expected to be achieved through natural attrition, and 24 are vacancies that will not be filled.
At the same time, Standard Life is creating 100 new jobs elsewhere in the business as part of a £200m investment drive in core areas, flagged earlier this year. The company, which employs about 7,500 of its 10,000 staff in the UK, including 6,000 in Scotland, said the job reductions would be across the board, affecting IT, finance, risk, marketing and communications at all levels of seniority.
It is the second phase of a major shake-up, which saw 11 directors leave at the end of June, while 12 new roles were created.
The company saw a 10% rise in first-half operating profit to £182m last month and raising its interim dividend by 4.8%. It now manages pension scheme assets of £18bn after winning 90 new company retirement schemes.
In March, Standard Life set out its new strategy, focused on its core businesses of corporate, retail, investment management and Asian joint ventures.
Eurofound (2010), Standard Life, Internal restructuring in United Kingdom, factsheet number 70903, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70903.
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