F&C swings axe again and 60 face exit

In August the group, which is in the long-term throes of being spun off from Friends Provident, said it would cut costs by £12 million with some 40 jobs going. Today it said it wants to save a further £15 million a year with another 60 jobs going from its total workforce of 900.

Chief executive Alain Grisay said: "These actions are necessary to ensure that we have a cost base that is appropriate for these tougher trading conditions."