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May 12, 2009    

L&G announces further 560 job losses

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by Kay Murchie

Insurance firm Legal & General (L&G) has announced it is to axe 560 jobs in its savings business with 300 full-time staff and 260 contractor and temporary worker positions to go.

The cull is in addition to the 450 job losses among support staff announced in February.

A spokesperson for L&G said: “Potential redundancies are being driven by changing business demand, operational efficiencies, and the continued refocusing of the savings business towards modern, flexible, capital-lite products.”

However, the announcement has met with criticism from the Unite union. Unite national officer, Rob MacGregor, comments: “that this significant staff reduction will have an impact on their plans for recovery following the current downturn.”

L&G currently has a workforce of around 8,500 with its main offices in London, Cardiff, Brighton and Kingswood in Surrey.

Today’s announcement from L&G is the latest in a series of job cuts in the financial industry and follows announcements from Aviva, who last month announced 1,690 job losses while Royal Bank of Scotland is planning to axe 9,000 jobs and Lloyds Banking Group is wielding the axe on almost 1,000 jobs.

In related news today, the Office for National Statistics revealed that the number of people out of work in the UK has reached 2.2 million.

This takes the unemployment rate up to 7.1% from 6.7% - the highest rate since 1991.

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