Standard Life is cutting 139 jobs following the restructure of its UK and Europe business which sees head of retail marketing Dave McGovern and group digital director Kevin O’Shaughnessy leave the firm.
Affected divisions include adviser and investments and workplace, customer and marketing and UK IT and change.
Standard Life says the proposed job cuts will deliver better customer service through a single point of accountability and clearer alignment between the company’s different divisions.
As well as McGovern and O’Shaughnessy, Standard says a small number of other heads of department will also leave the business.
O’Shaughnessy has been with the firm since November 2006, while McGovern joined in August 2007.
Standard Life chief executive of UK and Europe Paul Matthews says: “A lot of great progress has been made getting Standard Life ready for the RDR and pensions reform. These initiatives significantly change the way customers engage with us.
“Our current model and structure has to change to meet the changing demands of this new world where customers will want to interact in different ways for different products. The changes being proposed today fundamentally change how we are organised so our customers can have a greater experience with Standard Life.”
Standard Life announced a restructure of its UK and Europe business as part of a wider group overhaul in August.
A shake-up of Standard Life’s senior management in June saw UK business chief executive Paul Matthews appointed as chief executive of the firm’s European business alongside his current role.
The latest job cuts follow 95 job losses last November from the UK customer service department as part of the company’s stated aim to reduce costs by £100m by 2012.
Highclere Financial Service partner Alan Lakey says: “It is an oxymoron to say customer service will be improved through cutting jobs. It is likely Standard Life is predicting the RDR will reduce business and as a result it is making cuts to try and stay competitive.”