Standard Life cuts 480 jobs from its Edinburgh headquarters

Edinburgh - Scotland's financial sector today received another blow as Standard Life announces that it will axe 600 jobs.The pensions and life group announced that 480 of the jobs are to be cut from the headquarters based in Edinburgh.

Across the UK a further 95 people will lose their jobs as well as 25 from overseas. The company employs about 10,000 people overall. The cuts are to be made over the next 15 months as the group's new chief executive David Nish aims to make cuts and shift their long term focus from life insurance and investment bonds to long-term savings products such as individual and company pensions. However, although 600 jobs are going in all levels at the group, eventually 100 more will be created. The company now enters a 90-day consultation period with staff regarding the job cuts. David Nish took over the role of chief executive in January and replaced Sir Sandy Crombie.