Standard Life to axe 100 IT contractors

Standard Life is to axe up to 100 IT contractors as part of a wider target to reduce its headcount by 500 over the next 15 months.



The life assurer and pensions group will shed 600 jobs, affecting staff in marketing, sales and IT operations, but will also create 100 posts elsewhere in the business.



It traced the bulk of the reductions to its ongoing drive to slim down operations following the recent sale of its banking and healthcare divisions.



Some of the weight will come off by not filling vacancies; 100 bodies will go through natural turnover, and a further 100 will leave from IT contracts not being renewed.



The company reportedly added that its Edinburgh base would bear the brunt of the reductions, with the remainder falling in Glasgow, elsewhere in the UK and overseas.



Despite its strong IT market, Scotland is already under pressure from financial services, as Aegon and Direct Line recently eliminated 1,000 jobs between them.