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| Version 2 | Version 3 |
|---|---|
| L&G set to cut a further 560 jobs | L&G set to cut a further 560 jobs |
| (about 9 hours later) | |
| The insurance firm Legal & General (L&G) has begun consulting on plans to cut 560 jobs in its savings business. | The insurance firm Legal & General (L&G) has begun consulting on plans to cut 560 jobs in its savings business. |
| The planned cuts will be made up of 300 full-time staff and 260 contractors and temporary workers. | The planned cuts will be made up of 300 full-time staff and 260 contractors and temporary workers. |
| The cuts come on top of up to 450 job losses among support staff that were announced in February. | The cuts come on top of up to 450 job losses among support staff that were announced in February. |
| Legal & General currently employs about 8,500 people. Its main offices are in London, Cardiff, Brighton and Kingswood in Surrey. | Legal & General currently employs about 8,500 people. Its main offices are in London, Cardiff, Brighton and Kingswood in Surrey. |
| "Potential redundancies are being driven by changing business demand, operational efficiencies, and the continued refocusing of the savings business towards modern, flexible, capital-lite products," a Legal & General spokesman said. | "Potential redundancies are being driven by changing business demand, operational efficiencies, and the continued refocusing of the savings business towards modern, flexible, capital-lite products," a Legal & General spokesman said. |
| 'Extremely disturbing' | 'Extremely disturbing' |
| "L&G will keep any potential redundancies to a minimum and will try to find suitable alternative employment for staff affected," he added. | "L&G will keep any potential redundancies to a minimum and will try to find suitable alternative employment for staff affected," he added. |
| The Unite union described the announcement as "extremely disturbing" and said the distress would be compounded by the current economic climate. | The Unite union described the announcement as "extremely disturbing" and said the distress would be compounded by the current economic climate. |
| "Unite has challenged Legal & General on the impact that this significant staff reduction will have on their plans for recovery following the current downturn," said Unite national officer Rob MacGregor. | "Unite has challenged Legal & General on the impact that this significant staff reduction will have on their plans for recovery following the current downturn," said Unite national officer Rob MacGregor. |
| "The union is calling on the financial services sector to ensure that they do not simply take short-term decisions to cut staff, without consideration for future levels of service and their ability to recover from the recession." | "The union is calling on the financial services sector to ensure that they do not simply take short-term decisions to cut staff, without consideration for future levels of service and their ability to recover from the recession." |
| Unite said that it would oppose any compulsory redundancies. | Unite said that it would oppose any compulsory redundancies. |
| L&G's move is the latest in a series of job cuts in the financial sector. | L&G's move is the latest in a series of job cuts in the financial sector. |
| Rival insurer Aviva announced 1,690 cuts last month, while Royal Bank of Scotland is shedding 9,000 jobs and Lloyds Banking Group is to cut 985. | Rival insurer Aviva announced 1,690 cuts last month, while Royal Bank of Scotland is shedding 9,000 jobs and Lloyds Banking Group is to cut 985. |