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Standard Life Set to Cut 500 Jobs as CEO David Nish Seeks to Reduce Costs
Standard Life Plc, Scotland’s biggest insurer, will cut about 500 jobs as part of Chief Executive Officer David Nish’s plans to reduce costs.
The insurer will cut as many as 600 roles at its head office, U.K. and international divisions and create about 100 new positions, Edinburgh-based Standard Life said today in a statement. The company, which employs about 10,000 people, will make the reductions over the next 15 months.
“Every effort will be made to keep compulsory redundancies to a minimum,” the insurer said in the statement. “The decision announced today is part of the journey towards being a more adaptable and flexible organization.”
Nish, who succeeded Sandy Crombie as CEO on Jan. 1, is reorganizing the firm’s internal operations as he focuses on managing more Britons’ pension assets rather than on selling traditional products such as life insurance and investment bonds. The insurer merged its sales, marketing and distribution units in the U.K., Europe, Canada and Asia earlier this year.
To contact the reporter on this story: Kevin Crowley in London at kcrowley1@bloomberg.net
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