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.”