British insurer Standard Life says to cut 500 jobs
British insurer Standard Life said Wednesday that it planned to cut up to 500 positions, mostly at its head office in Edinburgh, in order to slash costs.
"Today's announcement will result in a net headcount reduction of up to 500 across the organisation over the next 15 months," Standard Life said in a statement.
"This net figure reflects the phasing out of up to 600 existing jobs and the creation of up to 100 new jobs across the business," it added.
"Today's announcement reflects our ongoing intention to actively manage our cost base whilst ensuring we are investing in the areas of the business which are core to our future success."
Standard Life employs 10,000 staff globally, with 60 percent based in Edinburgh.
© 2010 AFP