European insurer Standard Life is shutting down 10 of its 21 direct sales branches in the UK, leading to the loss of up to 360 jobs.
The firm's direct sales division will be divided into three separate business units consisting of telesales, a corporate sales team focusing on company pension schemes and face-to-face advisers. The restructuring will lead to a reduction in direct sales staff from 630 to around 270.
Standard Life says key objectives of the new division will be to reduce operating costs. The firm says it will introduce simpler, streamlined processes to maximise the use of technology.
The job losses are announced less than a week after the company announced generous bonuses for its senior executives. New chief executive Sandy Crombie earned more than £600,000 last year, an increase of 15.9% on the year before.