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Insurer Aviva may cut 800 UK jobs to cut costs -reports
August 24, 2012 / 1:40 AM / 5 years ago

Insurer Aviva may cut 800 UK jobs to cut costs -reports

Aug 23 (Reuters) - 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.

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