M&G to make 4% of staff redundant via voluntary scheme

The redundancy programme is part of £200m cost cutting drive

Eve Maddock-Jones
clock • 1 min read

About 4% of M&G’s workforce is set to exit the firm this year as part of its voluntary redundancy programme.

In the group's Q1 2023 trading update today (8 June), it revealed that over 200 staff members have had their applications accepted, taking the firm up on its redundancy offer. M&G said the majority of these exits were expected to happen between Q4 2023 and Q1 next year. The scheme forms part of M&G's plans to cut costs by £200m by 2025, outlined by its new CEO Andrea Rossi back in March. In the trading update, M&G said the redundancy scheme was now closed to new applicants. The group also experienced a positive response to its newly launched PruFund in the period, which had take...

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