Norwich Union is restructuring its life business service division which will lead to the loss of 700 jobs and 250 contract worker positions.
The restructure, to be completed by the end of 2005, will affect IT, facilities management and business systems. Work undertaken by these teams, predominantly software development and application support, will be transferred to IT outsourcing companies with global operations and locations in the UK, Europe, America and India.
The five NU locations to be affected are Norwich, where 250 jobs will go, York, Bristol, Stevenage and Croydon. NU has set aside £1m to provide career advice and support for affected staff.
Chief executive Gary Whithers says: “Market conditions in the UK long-term savings market have been tough and we have to ensure that the company continues its drive for efficiency.”