Popular Searches:  AIG  china  sunamerica+aig  LIFE  financial  health

Norwich Union to cut 1,100 UK staff

 

Monday, Apr 13,2009, 5:26:26 PM   Click:

Norwich Union Life is cutting 1,100 UK staff by the end of the year as it restructures the business.


The firm is slashing its UK life and pensions workforce in an effort to improve efficiency, with the majority of the roles in business change and IT.

Mark Hodges, chief executive at Norwich Union Life, said: "Making decisions that affect our people is always difficult and we are fully committed to doing everything we possibly can to minimise the number of compulsory redundancies."

Norwich Union intends to axe 1,100 permanent roles by the end of 2009, although the firm is hoping to minimise redundancies through natural turnover and redeployment.

In total, Norwich Union expect around 800 permanent staff will leave the firm, while another 590 contract positions will also be cut.

Trade union Unite criticised the move, claiming the firm is putting shareholders ahead of employees.

Derek Simpson, Unite joint general secretary, said: "It is unacceptable that once again shareholders received their full dividends, while the workers who brought the company this success are rewarded with job losses.

"The Aviva workforce is continuing to live under constant uncertainty about their future. Unite has been told that these job losses are unrelated to the economic downturn."

Most of the positions will be lost at Norwich Union's York office, with 571 staff expected to leave the company. Jobs are also expected to go at the company's Norwich, Sheffield and Eastleigh sites.

  • Print

You may also be interested in:

Discuss this news

Click Here to see all comments
Please aware of self to obey the Internet related policy laws and strictly forbid to release porn, violence.
Appraisal:

Name:

Email:

Content:

Featured

Sterling Financial Corporation (NASDAQ: STSA) today announced that its subsidiary, Sterling Savings Bank, has entered into an agreement with its regulators to continue taking actions to strengthen

Sterling Financial Corporation of Spokane, Washington,

Sterling Financial Corporation (NASDAQ: STSA) today announced that its

American International Group, Inc. (AIG) reported its first quarterly profit since the third quarter of 2007, reflecting stabilization in some of its businesses and positive valuation changes. AIG,

AIG Posts First Profit Since 2007

American International Group, Inc. (AIG) reported its first quarterly profit

CNinsure, the Nasdaq-listed independent Chinese insurance intermediary, has appointed Bo Zhao as head of its insurance brokerage business unit to help the company further expand its offerings from

CNinsure Appoints Zhao to Head Insurance Brokerage

CNinsure, the Nasdaq-listed independent Chinese insurance intermediary, has

Copyright: h Best Company, Inc. Source: BestWire Wordcount: 737 Credit related investment losses and the collapse of stock markets hammering their profits over a year, the U.S. life insurance

United States and the lives Industry''s Market Cap

Copyright: h Best Company, Inc. Source: BestWire Wordcount: 737 Credit related

Rebecca Ng MUMBAI, India, March 24, 2009 (AM Best via COMTEX) -- The Life Insurance Council of India said that the national insurance regulator is asking insurance companies to disclose more

India? S Regulator Requires insurers to disclose more

Rebecca Ng MUMBAI, India, March 24, 2009 (AM Best via COMTEX) -- The Life

Insurers are showing signs of trying to adapt their business models to issues related to climate change, but more work needs to be done as environmental liabilities increase, according to a report by

Property/Casualty Insurers Lead In Adapting To Climate

Insurers are showing signs of trying to adapt their business models to issues

CHICAGO - (Business Wire) Argo Pro, a division of Argo Group International Holdings, Ltd. (NasdaqGS: AGII), has announced Argo PROtect, a product designed to limit the exposure technology

Argo Pro Announces Argo PROtect for Technology

CHICAGO - (Business Wire) Argo Pro, a division of Argo Group International

MOST POPULAR