Aegon has announced a further 51 job cuts as part of its ongoing drive to cut costs by 25 per cent by the end of 2011.
The decision follows consultation with unions Aegis and Unite on restructuring plans for the employee benefits and finance departments. As a result, the remaining 42 roles in employee benefits have been scrapped, along with nine positions in the firm’s finance department.
Today’s news follows the 106 job cuts the provider announced since June. The total reduction in roles as a result of the programme so far is 242, including the transfer of 82 members of staff as a result of the sale of Aegon’s third party administration business to Goddard Perry.
Aegon UK chief operating officer Adrian Grace says: “We are on track with our restructuring programme, with a number of important decisions made and plans implemented over the past few months. Today we are able to provide clarity for staff within our employee benefits business and announce plans for the first phase of change within the finance department. The programme will continue during 2011 and we expect further updates on progress in the early part of next year.
“The programme presents opportunity and challenge for the business. I have been impressed with how our people are responding to the challenge. The changes we are making now are essential to ensure the long term success of Aegon in the UK.”