Investment and insurance company Standard Life has announced 70 Edinburgh jobs will go from its IT department.

The BBC reports the company hopes the reductions will be made through voluntary redundancies at its offices throughout the city. The job cuts come as the firm starts to make changes in the way it offers its services to its customers.

“We believe this new model increases our ability to offer the best service to all customers of Standard Life, allowing us to react to market demand and to flex our support to meet their needs,” said Mark Dixon, chief information officer at Standard Life, speaking to the BBC.

Attention has recently been drawn to salaries at Standard Life. In May, the company’s chairman Sir Gerry Grimstone said pay in the UK’s financial services is too high after a fifth of the company’s shareholders voted against its 2015 remuneration report and chief executive Keith Skeoch reduced his potential long-term bonus by £700,000. Grimstone told the shareholders meeting that downward pressure on pay in the industry was a good thing.


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