Insurer cuts 84 posts
Stirling takes brunt of jobs axe in M&G Prudential shake-up
The insurance giant is reshaping its business
M&G Prudential is axing 84 staff in its wealth solutions offices, mainly in Stirling, as the company restructures its worldwide operations.
The company is investing £250 million in digital capabilities over the next five years and in June it announced that by 2025 the majority of the company’s UK workforce will be based in Scotland – split between Stirling and Edinburgh.
The proposed cuts at Craigforth, Stirling and the phased move of wealth solutions will mean the office will have just over 1,000 staff, reducing to 700 over 18 months, together with 600 in Edinburgh.
A spokesman said: “This is to do with changing role requirements as we continue building our business for a successful future and embrace the digital age – not in any way indicative about commitment to location.
“Stirling is absolutely a key location for the company and we are fully committed to developing superior facilities for our colleagues who work there through a separate multi-million pound investment programme in the coming years.”
The Prudential Group announced last week the intention for the demerger of M&GPrudential in the last quarter of 2019. The new listed business, to be called M&G plc, will retain the separate brands of Prudential and M&G for existing and future customers.
Prudential Group announced half-year operating profits from continuing operations up 14% at £2,024 million and that M&GPrudential assets under management had increased 6% to £341 billion.
“It is fundamental that we have the right structure, responsibilities and accountabilities in place across our business. The financial services market place is continually evolving and the demands from our customers, quite rightly, are ever increasing,” said the spokesman.
“There will be many ongoing challenges, as well as significant opportunities, and we will always seek to structure our business and adopt modern ways of working to stay at the forefront of any future developments”.