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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