Around 1,800 jobs are being axed at insurance giant Aviva over the next three years as part of an overhaul to save £300 million a year.
Aviva – which employs around 30,000 staff in total – said it will look to keep redundancies to a minimum as it slashes costs, with some of the role cuts coming from natural staff turnover.
The group said savings will also be made across central costs, contractor and consultant spend, reduction in project spend and in other areas.
Aviva also announced plans to split its UK life and general insurance businesses to “enable stronger accountability and greater management focus”.
It comes as part of a revamp of the group by new chief executive Maurice Tulloch, who took on the top job in March.
He said: “Reducing Aviva’s costs is essential to remain competitive and this means tough decisions and job losses which I do not take lightly.
“We will do all we can to minimise redundancies and support our people through this.
He added: “I am also determined to crack Aviva’s complexity, an issue which has held back our performance for too long.”