Standard Life to cut 500 jobs

Standard Life has announced 500 jobs are to go across the organisation in the next 15 months.

The Edinburgh-based insurer will phase out 600 existing jobs and create 100 new ones as part of the second phase of its 'organisational redesign'.

Of the roles being phased out, around 100 are currently held by contractors, and Standard Life said it expected approximately 100 of the job reductions to be achieved through 'natural attrition'.

The organisational changes follow high level structural changes announced in June.

In March Standard Life outlined plans which focused on corporate business, retail business, investment management and Asian joint ventures. The 100 new jobs will support these plans.

David Nish (pictured), Standard Life chief executive, said: ‘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.’

‘The decision announced today is part of the journey towards being a more adaptable and flexible organisation. Our people will be provided with the support they need while the group goes through this necessary change.’

Standard Life is to enter into a 90-day consultation period with its staff association over the cuts.