Norwich Union to slash jobs

INSURANCE giant Norwich Union is to axe 140 jobs as part of multi-million pound cuts to its marketing budget, it was revealed today.The firm's 430-strong marketing department is to be cut by a third from the beginning of next year.

INSURANCE giant Norwich Union is to axe 140 jobs as part of multi-million pound cuts to its marketing budget, it was revealed today.

The firm's 430-strong marketing department is to be cut by a third from the beginning of next year.

While it was refusing to confirm how much it is slashing from its marketing budget, the figure is believed to be around £80m, taking its spend to £100m a year.

The cuts come on top of the firm's on-going drive to trim 850 staff from its offices in the city by the end of this year.

Norwich Union's marketing department is based in Norwich, London, Perth and Bristol, but the majority of positions, 290, are based in its home city.

No decision has been made as yet as to where the axe will fall, but the cuts are likely to take affect from January next year.

Most Read

The company argues an increasingly competitive market means it needs to cut costs and with the growth in business from the internet it has identified marketing as an area where it can make savings.

Liz Kennett, a spokeswoman for the firm, said: “We have reviewed our marketing plans for the next year and we have decided to reduce our spend.

“The reasons for this are that it's a very competitive environment and a changing environment and we do need to reduce our costs.

“More business is being done over the internet and when we look at marketing plans we have to make the best use of resources and focus on areas where we see the most growth.”

The jobs will be axed in the first quarter of next year and management are only now starting the process of identifying which roles will disappear.