Aug 23 Britain's No. 2 insurer Aviva PLC
may cut as many as 800 jobs at its UK business in a cost-cutting
drive, media reported.
The job losses will be spread across the UK businesses and
will come by the end of the year, the Guardian newspaper
reported on its website, citing an internal email sent to staff.
The UK life insurance business employs 3,000 people, out of
Aviva's total workforce of 18,500 across Britain.
The step is aimed at giving a boost to Aviva's balance sheet
and is part of a strategic overhaul after John McFarlane
replaced Andrew Moss as the executive chairman of the company
following a shareholder revolt, the Financial Times said.
McFarlane intends to save up to 400 million pounds ($632.1
million) mostly through global job cuts as the FTSE 100 insurer
seeks to remove several layers of management, the FT said
Company representatives did not immediately respond to
requests for comment outside of normal business hours.