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2004 – The Year of Uncertainty for Insurance Staff
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Date: 21st Jan 2004
LTU has labelled 2004 the year of uncertainty for Insurance staff.
Over the next twelve months, the division will undergo what is possibly the biggest shake up many staff will ever have experienced as the Bank reviews its business strategy, pilots the transfer of work to India and, as announced today as part of an efficiency programme, seeks to cut £5M from its cost base.
Overall 110 jobs will be lost, mostly at managerial level.
We are aware that the aim is to have any new structure known and ready to be implemented by April, in readiness for the outcome of the next big exercise – “the strategic review of the business”.
Little detail has generally been made available regarding this review but LTU has been told that it will look at some fundamental issues and determine the future structure of the business. The staffing implications of this review are as yet unclear but the impact of both reviews is likely to be dwarfed by the movement of work to India.
Insurance is one of the five business units at the forefront of the Bank’s plans to export an initial 1,500 jobs to India by the end of the year.
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