Standard Life has announced it is cutting up to 500 jobs across the company over the next 15 months.
Up to 600 existing roles will be cut as part of the restructure, with the creation of up to 100 new jobs.
Out of the roles that are to be cut, around 100 are held by contractors and 24 are existing vacancies that will not be filled.
The affected roles are in Standard Life’s UK and international businesses and its group corporate centre.
Standard Life will now enter into a 90-day consultation with staff.
Chief executive David Nish (pictured) 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.
“The decision announced today 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.”