EMCC European Monitoring Centre on Change

Standard Life

Company/Organisation:
Standard Life

Geographic Location

Country: United Kingdom
Location of affected unit(s): Edinburgh

Company

Sector: Financial services
Financial and insurance activities
65 - Insurance, reinsurance and pension funding, except compulsory social security
Number Employed: 11000

Employment Effects

Announcement Date: 31-03-2004
Planned Job Reductions min: 1000
Planned Job Reductions max: 1000
Type of Restructuring: Internal restructuring

Additional Information

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.