Standard Life to cut up to 500 jobs
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Standard Life has announced it is cutting up to 500 jobs across the company over the next 15 months.
Up to 600 existing roles will be cut as part of the restructure, with the creation of up to 100 new jobs.
Out of the roles that are to be cut, around 100 are held by contractors and 24 are existing vacancies that will not be filled.
The affected roles are in Standard Life’s UK and international businesses and its group corporate centre.
Standard Life will now enter into a 90-day consultation with staff.
Chief executive David Nish (pictured) says: “As we transform Standard Life to deliver its growth ambitions, 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. Our people will be provided with the support they need while the group goes through this necessary change.”
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Readers' comments (17)
The world biggest lies | 1 Sep 2010 12:24 pm
Chief executive David Nish (pictured) says: “As we transform Standard Life to deliver its growth ambitions, there is a need to both invest for future growth and actively manage our costs to be competitive.
The world biggest lies - Lie No: 1119
“The new CHANGES wont affect you: the company will remain the same AND EVEN BETTER”
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The slogan: "Labour isn't working" | 1 Sep 2010 12:51 pm
The slogan: "Labour isn't working" can now be replaced by "The FSA isn't working". RDR is going to create more and more unemployment as the lunatics in Canary Wharf make the financial services industry more and more unprofitable
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Brian McCabe | 1 Sep 2010 1:20 pm
At a time when the FSA has trebled the number of personnel earning in excess of £100k a year is it not ironic that we can expect more companies to retract. Surely time to re-think the whole show, folks
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As RDR takes its toll | 1 Sep 2010 1:26 pm
So to all those Standard Life unemployed, all those Skandia unemployed and many others not least the predicted 10,000 IFA who will close shop over RDR - tell me how does it feel when you read that the people responsible for your unemployement have tripled the number of their own staff earning more than £100,000 in the last four years, in addition to the the £20m bonus the FSA paid folowing their banking failure in 2009! Oh and don't place any faith in Mark (rubber stamp) Hoban MP - the New Labour MP is Tory Clothes!
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Anonymous | 1 Sep 2010 1:28 pm
This is just the tip of the iceberg. Crunch will come in 2013 when only banks give advice!!!!!!
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Andy Newman | 1 Sep 2010 1:37 pm
When advisers get hacked off with poor service and at best get internet support this is why. Disgruntled life offfice staff who have lost their pensions, jobs, forced to relocate and take salary cuts are now commonplace.
Bottom end staff are paid on a par with a supermarket, so experienced staff are in short supply. Those that do have experience usually have other talents and don't need to work for the big product providers and fund managers.
These companies strategies are to milk their UK business for cash flow and reduce costs to maximise that. The cash is being invested abroad, Far east, india etc.. to keep the shareholders happy, oh and so the directors get their mega bonuses.
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Julian Stevens | 1 Sep 2010 2:20 pm
Nothing like putting a positive spin on things. No signs of streamlining or increasing efficiency at Canary Wharf, though ~ and why should they, given that they have an inexhaustible cash cow available to be milked for whatever they claim they need to do their jobs properly? The trouble is though, it seems that no matter how many hundreds of millions of pounds of industry money the FSA guzzles up, it still seems unable to do its job properly.
If anyone's talking about the CPMA being either more efficient or less profligate than the FSA, I've yet to read of it. But we watch and wait, in hope if not expectation.
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Marty Young | 1 Sep 2010 3:01 pm
FSA - I hope you are happy. You have managed to bring and entire industry, which has been around for centuries, to its knees in a decade and it will only continue to get worse over the coming years. You should look at the wider picture of what the new regs are going to do - thousands more unemployed in the insurance industry, thousands more that are attached to the indstry - gone. It will lead to a lack of profitablity which will only stifle future innovation. Well congratulations to all of you, you must be very proud of yourselves. And all this because a bunch of self opinionated windbags with only self indulgence in mind wanted to safe face? You have 4 statutory objectives and two of them are "Maintain confidence in the UK financial system" and "promotong public understanding of the financial system" You have totally failed customers and providers in these two and whats your latest piece of genius? The RDR!! - (Ridiculous Disasterous Regime). Each and evryone of you who voted to keep it should be completely ashamed of yourselves. You are going to end up with less people having access to financial advice leading to less sales of lower profit and lower quality products from fewer and fewer providers. I am not surprised that there were decenters in your ranks at board level. Some of them obviously can see that this thing is doomed to fail. Margaret Cole the other day tried justifying the number of highly paid staff at the FSA. I would love to know how many of those who voted against keeping the RDR are still there? Wake up and do the only logical and honourable thing. Scrap the RDR! It was never to achieve better customer outcomes and never will not in a zillion years- Its as plain as the nose on your faces to see that so for Christ's sake have an ounce of decency for once and do what is right for the industry and customer - SCRAP IT before its too late and the whole ediface comes crumbling down and all you will do is try to pin the blame on its failure on the incoming reglators. They will have enough on their plates without trying to sort out the inevitable catastrophic disaster zone this leaves behind.
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Simon Mansell | 1 Sep 2010 3:53 pm
I just hope there is one MP that reads this and understands the loathing for the FSA expressed in the above comments. The UK must understand that financial services is the only remaining jewel in the crown. The demise of Standard Life is a signal to the health of what remains. UK regulation (FSA/FOS) is not worthy of the indusrty it regulates.
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Exasperated me | 1 Sep 2010 4:34 pm
"No actuaries will be hurt in the making of this tale of woe".
Can't say the same for the policyholders or the IFAs who were duped into recommending products which would never meet anyone's reasonable expectations.
This is another dinosaur which refuses to lie down and die while it is still connected to the jugular of the policyholders.
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