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| Version 0 | Version 1 |
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| Jobs to go at Pearl Group sites | Jobs to go at Pearl Group sites |
| (about 1 hour later) | |
| Up to 480 financial services jobs could go in Glasgow and Peterborough after the Pearl Group announced it was scaling back its offices at both sites. | Up to 480 financial services jobs could go in Glasgow and Peterborough after the Pearl Group announced it was scaling back its offices at both sites. |
| The move is part of a consolidation over the next two years which will see jobs transfer to Pearl's site in Wythall, near Birmingham. | The move is part of a consolidation over the next two years which will see jobs transfer to Pearl's site in Wythall, near Birmingham. |
| The Unite union said the decision was a "slap in the face" to staff and it would oppose compulsory redundancies. | |
| The company said moving to a single site would improve efficiency. | |
| Pearl employs a total of 1,800 staff, with 300 based in Glasgow and 180 in Peterborough. | |
| Shocked and angry | |
| The firm, which completed a £4.89bn takeover of life firm Resolution earlier this year, said it would retain its corporate office in London. | |
| Graham Goddard, Unite deputy general secretary, said: "Unite members are shocked and many are angry to hear that both sites are to close. | Graham Goddard, Unite deputy general secretary, said: "Unite members are shocked and many are angry to hear that both sites are to close. |
| "Over the last two years the workforce in Glasgow have been bounced from one employer to another. | "Over the last two years the workforce in Glasgow have been bounced from one employer to another. |
| "Despite this upheaval, they have remained professional and continued to deliver for their various employers, only to be rewarded by losing their jobs." | "Despite this upheaval, they have remained professional and continued to deliver for their various employers, only to be rewarded by losing their jobs." |
| Jonathan Moss, chief executive of Pearl Group said the move was necessary to consolidate the company. | |
| He said: "We need to build a business which is vibrant and efficient both today and into the future. This move helps us do this by creating a single main site of scale. | |
| "As part of this strategy, Pearl Group has moved from having two separate life divisions - Phoenix and Pearl - to one, and this move will enable us to consolidate knowledge and experience, and to eliminate duplication of effort and inconsistency in our business operations." | |
| Pearl, part of the life investment vehicle Pearl Group Limited, specialises in buying and consolidating so-called closed life funds which are no longer open to new business. | |
| It owns brands including Phoenix, NPI, Scottish Mutual and London Life. | |
| It bought Resolution after a takeover battle with Standard Life and Friends Provident, and has gone on to sell parts of the business, including Scottish Provident, to Royal London for £1.27bn. | |
| The company said the decision to scale back its business would not affect the retained Resolution Asset Management investment arm based in Glasgow. | |
| Pearl's parent group is owned by financier Hugh Osmond who previously made his name in the leisure sector as co-founder of Pizza Express and former chairman of pub group Punch Taverns. |