Willing Lloyd’s of London staff may opt to be re-deployed or let go as part of cuts set to take place before the end of the year.
Employees had been approached beforehand regarding proposed changes in the insurance market, including redundancies. A City A.M.
report said Lloyd’s has plans to reduce its 700-strong workforce in the UK by 10%.
“We are seeking to minimise the impact on our people by opening up a voluntary severance programme and through re-deployment within the organisation,” Lloyd’s chief executive Inga Beale
’s half-year email was quoted as saying.
According to the report, a new organisational structure is expected to be in place in the fourth quarter of 2017 amid what has been described as a struggling market – one which Beale said “should shrink” until 2018.
“While progress against our objectives in 2017 has been encouraging so far, the fact we are expecting the market to shrink this year and next shows there is still a performance gap to address,” she noted.
Meanwhile, as part of its Brexit relocation, Lloyd’s intends to move about 100 jobs to Brussels.
Global reinsurers appeal for post-Brexit access
New Lloyd’s of London chairman starts work