Scottish insurance provider Standard Life is to axe 69 jobs from its information systems and facilities departments as part of a £100 million cost cutting initiative, the company said today.
Just over 100 jobs are to be cut in total, but 37 new roles will be also created. "We expect existing staff to fill the majority of the new positions," a company spokesperson said.
"We have reviewed our Group IT and Operations division and have shared the outcomes of this review with our people today," the spokespeson said. "We will now enter a period of consultation with our staff association on the proposed changes which will last a minimum of 30 days."
The company is looking to outsource some other IT functions, according to a statement, and "is in the process of negotiating the outsourcing of its network and telephony services to BT". Standard Life said that 17 people will potentially transfer to BT under TUPE regulations.
Earlier this month, as first reported by Computer Weekly, Standard Life’s group information and operations director Christian Torkington left the company and his role was scrapped. Responsibility for IT passed to the company’s ‘transformation director’. It also scrapped 95 customer service staff.
In August, Standard Life reported pre-tax profits of £262 million for the first half of the year, up 44% on the first half of 2010.