View more on these topics

Standard Life slashing 500 jobs in shake-up

David Nish
Nish: ‘Necessary change’

Standard Life is cutting up to 500 jobs over the next 15 months as part of the company’s ongoing restructure.

Up to 600 jobs will be cut across the business while up to 100 new jobs will be created.

Standard Life has 7,500 employees in the UK with 6,000 in Scotland and employs 10,000 staff worldwide.

The jobs facing the axe will be in Standard Life’s UK and international businesses and its group corporate centre. The company is about to enter into a 90-day consultation with staff.

Standard has confirmed the job losses will mean the consolidation of some of its support services, with some services relocated to Edinburgh.
But a spokesman says: “In terms of front-line adviser support those numbers are either increasing or being maintained.”

Chief executive David Nish 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.

“This decision 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.”

It follows a reshuffle of Standard Life’s UK leadership team in June which saw managing director of distribution Paul Matthews head the company’s “take to market” division.

The division was created to align sales, marketing and distribution to allow products to be brought to market more quickly.

Baronworth Investment Services director Colin Jackson says: “I think this kind of scaling back is going to be typical within the life sector. All life offices are cutting costs because they have to. There is also much more reliance on computer systems and software, and with everything being done online you do not need the people.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com