L&G to cut a further 560 jobs
Plans for 560 job cuts at Legal & General (L&G) have been revealed by trade union, Unite.
The cull comes in addition to 450 job losses announced in February and comprises 300 full-time staff and 260 contractor and temporary worker positions.
The insurer is promising to keep redundancies among its own staff to a minimum and will be seeking alternative positions for the employees affected.
According to an L&G spokesman, “changing business demand, operational efficiencies, and the continued refocusing of the savings business towards modern, flexible, capital-lite products” are driving down staff numbers.
Unite has responded to the news by challenging L&G and other financial services firms to consider the impact of job cuts on plans for recovery once the recession ends.
L&G posted a pre-tax loss of £1.49 billion for 2008, compared to a profit of £883 million in 2007.
The group, which employs about 8,500 people, shrank its workforce by around 10% last year; its main sites are located in London, Cardiff, Brighton and Kingswood in Surrey.
Category: Companies News, Employment News, Insurance News
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