Egg axes senior management

Online bank Egg said today it was axeing senior managers in a £12m (€17.6m) cost-cutting exercise.

Egg said the restructuring would result in the departure of its finance director David Doyle in May and the loss of an undisclosed number of management roles company-wide.

It said the cuts would not affect staff at its call centres in the UK - Dudley in the West Midlands and Derby.

A spokesman said: “The jobs that will be lost in the restructuring are group functions.”

Chief executive Paul Gratton will be taking over the group’s risk, audit and legal functions following Mr Doyle’s departure.

Mr Gratton said: “We will be sad to see David leave Egg, but we extend to him our thanks for his contribution to Egg and wish him well.”

Mr Doyle said: “With the company now refocused on its profitable UK business, I am looking forward to new and broader challenges.”

Egg said Jonathan Bloomer, who steps down from the Prudential board next month, would also retire from the Egg board from May 5. Company secretary and group chief legal officer Marcus Ezekiel will leave in May.