Britannic axes 250 at Alba Life

LIFE and savings group Britannic is shedding about 250 jobs from its Alba Life unit as part of a cost-cutting drive that will see it consolidate its administrative offices into Britannic's Birmingham centre.

Glasgow-based Alba, acquired as part of Britannic's £295m purchase of Britannia Asset Management, closed to new business in 1997. The jobs are going at the individual life and pensions side although Glasgow will retain Alba's corporate business, which employs 120. Britannic Asset Management also employs 330 at the Scottish site.

The move, which will be made next year, also involves the transfer of 150 jobs from Glasgow to Britannic's Wythall Green offices but Alba employees unwilling to move south of the border will also be laid off. Two thousand were axed from Britannic's direct sales force in March.