200 job cuts at Hants company

Financial services company Skandia has announced it is to cut 200 jobs with the majority going at its Southampton headquarters.

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Skandia to cut around 200 jobs

Skandia Logo Credit: Skandia media centre

The financial services firm Skandia is to cut 200 jobs, the majority at its headquarters in Southampton.

The cuts are coming because the company's parent company Old Mutual is to merge its Skandia UK, Skandia International and the Skandia European businesses outside of the Nordic region together, into a single firm called Old Mutual Wealth.

The firm says the roles will go to reduce any overlapping of duties.

Old Mutual said now was the ideal time for a change of name for the three parts of Skandia, since Skandia's Nordic arm was sold off earlier this year and continued to trade independently under the 'Skandia name.

The firm said it was committed to maintaining a significant presence in Southampton.

The Chief Executive of Old Mutual Plc - Paul Feeney, said:

“We know this is difficult time for our staff, so we will make these changes as quickly as we can to give them clarity about the future and to ensure there will be minimal disruption for advisers and our customers.

"The financial services industry is changing significantly as a result of changing customer needs, new regulation and advances in technology. We have to change too if we are to continue to be a leading provider of wealth management solutions and a major employer in the area.”

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