Standard Life cuts costs with 500 job losses

INSURANCE giant Standard Life said yesterday it would cut around 500 jobs between now and the end of 2011.

The Edinburgh-based insurance and pensions group has entered a 90-day consultation period with staff about the cuts, though the company said it hopes that 100 jobs can be shed through natural attrition.

“We will be trying to keep compulsory redundancies to a minimum,” said a spokesperson yesterday.

Around 480 jobs will be cut in Edinburgh, with the remainder coming from regional and overseas operations. The firm said it will also create 100 new jobs in other areas.

The cuts are part of a wider shake-up at the firm that has seen 11 directors leave and the merger of its sales, marketing and distribution units around the world. The firm aims to save £100m by the end of 2011.

David Nish, Standard Life’s chief executive, said: “The decision is part of the journey towards being a more adaptable and flexible organisation.”