British Life Insurer Cuts 2,000 Jobs

March 7, 2001

Britannic is to cut more than 40 percent of its workforce, with 2,000 positions coming from the Britannic Assurance arm. The company blamed the cuts on a growth in red tape and the end of the UK’s jobs-for-life culture according to a report by the British Broadcasting Corp.

The cuts, which will decimate the door-to-door sales force at Britannic Assurance, follow job losses announced by Prudential and Sun Alliance last month.

Britannic’s sales team will be reduced to a core of 100, with 100 more staffers deployed to sell Britannic’s stakeholder pensions packages. Existing customers will be increasingly served by direct mail and call centers.

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