Standard Life

Type
Internal restructuring
Country
United Kingdom
Region
Scotland; East Central Scotland; City of Edinburgh
Location of affected unit(s)
Edinburgh
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
1,000 jobs
Number of planned job losses
Job loss
Announcement Date
31 March 2004
Employment effect (start)
Foreseen end date

Description

Standard Life is facing demutualisation and plans to cut 1,000 jobs, it was revealed today.

In a statement published this morning, Standard Life, the second largest life insurer in Europe, said today that its UK life and pensions business would be "repositioned to achieve profitable growth". In practice, this will require a "significant" reduction in costs of 20% and a loss of 1,000 jobs by the end of the year. Most of the job cuts, around 880, will be in Edinburgh and Standard Life said it could not rule out compulsory redundancies.

Sources

  • 31 March 2004: The Guardian

Citation

Eurofound (2004), Standard Life, Internal restructuring in United Kingdom, factsheet number 60226, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60226.