Legal & General is in talks with Unite over potential redundancies at from its protection and savings division.
IFAonline understands the cuts could affect up to 600 jobs. The insurer said the move was part of a wider restructure first announced in June.
Legal & General spokesperson said: "We have entered in consultation with employee representatives and Unite in relation to potential redundancies in Legal & General Assurance Society (LGAS).
"We aim to keep redundancies down to a minimum and provide redeployment in Legal & General where possible."
The LGAS business division was formed in July to enable Legal & General to "provide better goods and service propositions to our customers", the spokesperson said. "The potential redundancies are a result of combining and restructuring the business units in the new division."
LGAS was formed from the old savings and annuities and protection divisions.
Affected staff could come from the insurance division (made up of UK retail protection, general insurance, L&G Netherlands and L&G Nework) and the corporate division, which is made up of group protection, workplace savings, L&G France.
Retail savings could also be affected - this department includes stakeholder pensions, structured products as well as Suffolk Life, Cofunds and L&G Ireland.
L&G Investment Management and L&G Retirement are unaffected. As are L&G Capital and L&G Group.
From 6 January 2020
Due to Brexit
Main reason MSK