More jobs at risk at Prudential as cost-cutting target goes up by £80m

Up to 3,000 jobs at financial services giant Prudential could be at risk after the insurance giant revealed it needed to increase its UK cost-cutting target from £115m to £195m.

Prudential said it would make the savings by internal cost-cutting and by outsourcing more jobs.

The insurer’s life and pensions division currently has about 6,000 staff, including 2,400 in Stirling and 1,900 in Reading.

Nick Prettejohn, chief executive of Prudential UK, said: “We are looking at the work of 3,000 people. Whether our cost savings come from more offshoring or more outsourcing we have yet to determine.”

Prudential launched a review of its domestic business division after it rebuffed merger overtures from competitor Aviva in March 2006.