Job cuts warning over Prudential's M&G merger plans
Prudential has announced plans to merge its M&G asset management arm with its UK life and pensions business, but warned of job losses under cost-cutting plans from the move.
The insurance giant said the combined business will be called M&G Prudential and will manage £332 billion of assets for more than six million customers in the UK and internationally.
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It revealed that job cuts are likely as it looks to save £145 million a year by 2022, but it said it was too early to say how this will affect the combined workforce of nearly 7,300 in the UK.
Prudential chief executive Mike Wells said: “M&G and Prudential UK & Europe have a long history of collaboration and we are fortunate to have two highly respected brands.
“Combining these businesses will allow us to better leverage our considerable scale and capabilities.”