Lay-offs Following Skandia Take-over

Following its takeover of the Swedish financial services group Skandia, the South African-based insurer Old Mutual says it will be cutting up to 800 jobs in the next three years.

Six hundred jobs are to be slashed in Britain, and another 100 here in Sweden.

Old Mutual completed a controversial hostile take-over of Skandia in February, creating one of the largest insurance groups in Europe. Despite a number of offers, the company says it is not selling off the Skandia bank, one of Sweden’s most respected Internet banks.

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