Standard Life today said 39 jobs may be at risk as it moves to streamline its retail, corporate, risk and marketing divisions.
The move, which the company says is part of a wider transformation and investment programme, is aimed at creating a "much simpler business", and would include the creation of 19 new roles.
Paul Matthews, chief executive, UK business at Standard Life, said: "We are 18 months into a three-year programme of transformation, designed to consolidate our position as a leading, customer-centric business.
"We have made good progress, but much remains to be done. These latest changes are part of that journey and will help us become more effective and efficient.
"The investments we are making for the future are substantial and we must have the appropriate business model in place to support our continued success. The next 12 to 18 months will be some of the most challenging our industry will face."
In May, Standard Life announced the closure of its face-to-face advice service for private clients, resulting in 36 job losses and the shutting down of eight regional offices.
The move followed a review into its direct to customer business ahead of the Retail Distribution Review.
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