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.

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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.