Standard Life is slashing its direct sales arm by more than half, reducing the number of direct sales staff to 270 from 630 with the potential loss of 360 jobs. The number of direct sales branches will fall to 11 from 21.
The restructuring will see the existing direct customer division divided into three separate business units – telesales, corporate account management and direct client management – and will be known collectively as Standard Life Direct.
As a result of the restructuring, branches in Belfast, Chester, Colchester, Dundee, Leicester, London West End, Maidstone, Newcastle, Sheffield and Southampton will close.
Standard Life managing director, sales Nathan Parnaby says: “We are fully committed to creating a strong and successful direct sales business. As a cost effective business these operations will require fewer employees.”