Zurich Financial Services is to cut 500 jobs from its UK life arm as part of a restructuring plan aim...
The move follows a six-month business review headed by Ray Greenshields, chief executive of UK and international life businesses, and is aimed at boosting competitiveness.
Prudential, the UK insurance company, has formally abandoned plans to seek an injunction against American International Group as part of its US lawsuit accusing AIG of illegally interfering in its merger with American General, adds the Times.
Nationwide Building Society has become an early victim of the mortgage price war it helped to start, the Daily Telegraph reports.
Sales are falling as mortgage brokers recommend the cheaper upfront deals on offer from rivals, cutting Nationwide's market share. Some advisers are talking of a "freefall" in sales at Nationwide since it took the decision to revamp its product range.
Aberdeen Asset Management yesterday made its second acquisition in less than a week with the £16.5 million purchase of Sweden's Celexa Group from Alecta, a mutual pension and insurance group, says the FT.
BT, the beleaguered telecoms giant, has barred new employees from its generous "defined benefit" pension scheme, in a move which will cut its future exposure to financial risk, says the Independent.
The £25bn scheme, the largest in the country, is becoming increasingly expensive, because BT has to make financial provisions to pay out a fixed amount to employees when they retire. This is said to have become increasingly onerous in the difficult market conditions.
And the impact of current deflationary pressure, which is driving down investment returns, and the problems at the Equitable are regularly keeping pensions issues in the news, according to research by The Guardian.
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