General and commercial insurance group Standard Life cutting 600 jobs

General and commercial insurance and pensions group Standard Life recently announced its intention to completely restructure its business by cutting 600 jobs from now until the end of next year.

The Scotland-based general and business insurance provider’s new chief executive, who was appointed o the role after former chief Sir Sandy Crombie stepped down at the beginning of the year, has announced the cuts will be to streamline overall operative functions for the firm.

New chief David Nish declared that his plans include shifting the insurance group concentration, focusing on company and individual pensions and other long-term savings offerings in place of investment bonds and life insurance cover.

Edinburgh will be the site of 480 cuts to Standard Life, while its the UK regional offices of the firm will lose 95 positions and its international offices will see a role reduction of an additional 25.  Around one fifth of the job cuts will effect contractual positions, another fifth roughly estimated through an attrition process, and approximately 24 jobs are vacant roles that will simply not be filled.

Michael Moore, Scottish Secretary, commented that Standard Life’s job losses have been a very real cause for economic concern in the region, urging Standard Life to do whatever it could possibly do in order to minimise the amount of redundancies.  Secretary Moore also admitted that he would be discussing the matter with Mr Nish in order to address his many concerns.

Mr Moore concluded that the economy of the country will still rely on the financial services industry to a strong degree, and he will continue to work tirelessly at a UK governmental level to grow and support the number of job opportunities Scotland can gain from the industry.

Meanwhile Standard Life will be shifting its focus to a separate arm of its business by creating 100 new positions in a £200 million core area investment drive, which was put into motion earlier in 2010.

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