Prudential to shut down Egg HQ as jobs move to India
27 April 2006 | 11545 views | 0
UK insurance group Prudential is shutting down the London head office of its Internet banking operation Egg.
The office, which is at Prudential's former headquarters in Holborn, employs 120 staff who work in treasury and support and shared services. Prudential says these roles will be relocated in other London offices.
The office is one of three sites being closed by the insurer under plans to move 700 jobs to India and other parts of the UK.
As well as the Egg office, Prudential says it will close sites in Belfast, where it employs 500 mainly call centre staff. Its human resources office in Bristol which employs 40 staff is also set to close.
Nick Prettejohn, chief executive of Prudential UK and chairman of Egg, says: "These reorganisation proposals are an important step in delivering the cost savings that will enable the UK business to continue to build on the strong positions we have established across the financial services market."
The reorganisation is part of the £40 million-a-year cost-saving initiative announced in December last year when Prudential said it was buying the 22% stake it didn't already own in Egg. The group originally put Egg up for sale in January 2004 but failed to find a buyer for the business.