Standard Life to axe 1,000 jobs to save £100m a year

Standard Life finance firm is losing up to 1,000 jobs in Scotland after announcing plans to save up to £100m a year in costs.

The firm said the reductions, at the life and pensions division in Edinburgh, would come from normal staff turnover rather than redundancies.

Standard Life, which employs most of its 10,000-strong workforce in the UK, has already cut 4,500 jobs since 2004.

The firm revealed profits of £613m, a massive 55% increase on the previous financial year, yesterday.

David Fleming, a representative for Amicus union, said: “This is all about profit for the shareholders at the expense of a very loyal workforce. Amicus is seeking recognition at the company with the desire to prevent compulsory redundancies.”

Sandy Crombie, chief executive of Standard Life, said: “Notwithstanding this strong progress, there is more we can do to increase the efficiency of our operations and to deliver further earnings growth and higher returns. Through efficiency and productivity, we can achieve a reduction in the underlying headcount requirement to service our existing levels of business by around 1,000 by 2009.”

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