Prudential to unveil jobs review findings

Employees at British life insurance giant Prudential were today expecting to hear the outcome of a review into the future of 3,000 jobs.

The firm is expected to make an announcement later this morning after the eight-month process.

It is understood to have examined the future of around 1,800 jobs in the UK and 1,100 based in Bombay, India.

The review was announced in March this year as bosses warned they wanted to save £195m (€272m) a year within three years to help the under-performing UK arm.

More than 6,000 Prudential staff serve the UK from operations in London, Reading, Stirling and Bombay.

About 2,300 full-time staff are employed at the Pru’s Craigforth base on the outskirts of Stirling.

It has been reported that senior management at the firm were called to a meeting yesterday evening ahead of this morning’s expected announcement.

The firm has been under mounting pressure to reveal the outcome of the jobs review, with trade unions complaining it had left thousands facing months of uncertainty.

Last month, third-quarter results for Prudential’s UK business performance lagged behind its operations elsewhere in the world.

The firm saw domestic sales grow 8% to £523m (€729m) in the first nine months of the year – around half the 15% new business growth across the rest of the group.