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Standard Life cuts jobs at halfway point of shake-up

Standard Life plans to cut 39 jobs and create 19 new roles as it continues its three-year structural reform programme ahead of the retail distribution review.

The company says that all staff facing redundancy will have the option to apply for the new roles.

The biggest changes will be felt within the company’s marketing business, with 17 people set to be made redundant and 15 new roles created.

There will be 16 jobs cut within Standard’s corporate and retail divisions, with four new roles created.

A further six roles will be made redundant in the firm’s risk division.

Standard Life UK chief executive Paul Matthews says: “We are 18 months into a three-year programme of transformation. We have made good progress, but much remains to be done. These latest changes are part of that journey and will help us become more effective and efficient.

“The investments we are making for the future are substantial and we must have the appropriate business model in place to support our continued success.

“The next 12-18 months will be some of the most challenging our industry will face. Our priorities will continue to be on building a business that delivers value to our shareholders and supports the needs of our consumers.”

The cuts follow a significant reshuffle of senior management at the provider, with Matthews taking over from David Nish as UK chief executive and Stephen Ingledew becoming managing director of corporate solutions after the departure of Gerry O’Neill.

Syndaxi Chartered Financial Planners managing director Robert Reid says: “Every product provider is looking at costs at the moment because it is likely that the level of business written across the industry this year has fallen.”

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