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Standard Life's new chief sharpens axe
Wed, 08 Feb, 2012
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Standard Life's new chief sharpens axe
Wed, 1 Sep 2010, 12:38:00
Insurer <b>Standard Life</b> is sacking as many as 600 staff in an effort to create efficiencies and bring down costs. About 480 jobs are set to go at the Edinburgh office, 95 elsewhere in the UK and another 25 overseas - about 5% of the total workforce. The company, which employs most of its 10,000 staff in Scotland - about 6,000 of them - said there would be cuts in IT, finance, risk, marketing and communications. "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," said chief executive David Nish, who took over from Sir Sandy Crombie at the end of last year. His £200m investment drive, flagged earlier this year, will create 100 jobs though, and compulsory redundancies will be kept to a minimum. The cuts will happen over the next 15 months.
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