Page last updated at 11:10 GMT, Wednesday, 25 November 2009

Jobs blow for Prudential staff

Man walking past a Prudential sign
Prudential has begun a two-month consultation on the plans

More than 100 jobs are at risk at UK insurance giant Prudential after the company said it was closing its lifetime mortgages division.

The firm said it had begun a two-month consultation with unions and staff on the proposed losses.

Posts at the company's Scottish base in Stirling, as well as those in Reading and London, are thought to be at risk.

The news comes after the firm reported a pre-tax loss of £2.1bn for 2008, compared with a £3.7bn profit in 2007.

Staff at Stirling's Craigforth office were told the news on Monday, where the firm has a team of 60 working on equity release or lifetime mortgages.

The insurer said it would stop selling equity release products to new customers in the first quarter of 2010.

Existing customers will be unaffected by the move.

A spokesman said: "Approximately 100 people have been put at risk as a result of the proposals.

"But the proposal is subject to consultation with the union and our employee forum.

"We hope to redeploy as many people as possible to other parts of the business but until the consultation is finished, we can give no detail on how roles may be impacted."

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