Legal and General is set to close its headquarters in Kingswood, Surrey as part of wider plans to cut costs across the business.
A spokeswoman for the group confirmed that it is in the process of “developing detailed proposals for re-configuring business areas and locations to maximise customer service, collaboration and efficiency”.
The insurance giant has 1,700 employees in Kingswood, 1,300 in Hove, 1,300 in Cardiff and 600 in Birmingham and Witham, but there were no more details on whether redundancies would be involved at any specific site.
A statement explained that in order to remain competitive on cost, L&G must optimise the use of locations.
“Our business units across all locations therefore are actively considering their office requirements on an ongoing basis as part of our broader long-term business strategy.
“Some business areas are already in the process of formal consultations about their organisational design and some changes have already taken place. This work will now include the future plans for all of our locations, including Kingswood.”
The group’s latest set of results showed a 60 per cent slump in individual annuity sales over the first three months of the year, compared to the opening quarter of 2014
Last month group chief executive Nigel Wilson stated: “We are constantly developing, evolving and streamlining our business to deliver better value products for customers and better returns for investors.”
He added that a high bar has been set for management actions and performance, including a cost reduction target of £80m this year.
peter.walker@ft.com
