Standard Life emptying 140 jobs

[LeighLoyal]

Anybody affected by this? The investment/financial centre that was once Edinburgh is defo in decline in my view. Off shoring probably the main culprit, followed by general downsizing. I wonder where the decent financial services jobs are going to come from for the kids coming through now.

[Wembley67]

Anybody affected by this? The investment/financial centre that was once Edinburgh is defo in decline in my view. Off shoring probably the main culprit, followed by general downsizing. I wonder where the decent financial services jobs are going to come from for the kids coming through now.

Through very intense graduate schemes where the companies get to pick the cream of the crop straight out of Oxford/Cambridge etc...it's been like that for a number of years now, times are long gone when a school leaver will walk in to a respected office to start a career - unfortunately.

[euansdad]

And something that could benefit the SNP maybe....

[VickMackie]

It's not good and sad to see. I suspect they would have had a massive resource spend to deliver changes for the regulatory changes that commence in January.

We may see the same from other l&p companies.

[Phil D. Rolls]

Worrying times for those involved, but does this story not tend to come out every year? It doesn't seem that long since the last time they cut staff. Surely there would be more sense in retaining people for continuity than cutting staff, only to end up recruiting again 6 months later?

What's it all about?

[euansdad]

And something that could benefit the SNP maybe....

To clarify as well, that wasn't me saying it was a good thing! I've been on the end of being made redundant and its sickening. My thoughts are with all those layed off. Just saying that this is the kind of situation which will push people towards thinking independence is the way forward

[1two]

To clarify as well, that wasn't me saying it was a good thing! I've been on the end of being made redundant and its sickening. My thoughts are with all those layed off. Just saying that this is the kind of situation which will push people towards thinking independence is the way forward

Why?

[euansdad]

It's easy to work out mate but ill explain. The poster above has said that the financial and economic climate in Edinburgh is experiencing a down turn. Well, if that is the case and it continues, more people will look for an alternative wont they

[Eyrie]

If we vote for independence then Scottish banks and life assurance companies are more likely to make people redundant in Scotland by moving jobs to the rest of the UK (since that will be their biggest market) than they are to create more jobs up here.

So in fact there will be the opposite effect to what you are suggesting.

[CropleyWasGod]

If we vote for independence then Scottish banks and life assurance companies are more likely to make people redundant in Scotland by moving jobs to the rest of the UK (since that will be their biggest market) than they are to create more jobs up here.

So in fact there will be the opposite effect to what you are suggesting.

Why would they do that? Where the market is, particularly in financial services, is not really relevant to where the jobs are located. Santander is a prime example. Also, if the Scottish government decide to have a lower Corporation Tax rate than the U.K., that would attract more companies.

[Phil D. Rolls]

If we vote for independence then Scottish banks and life assurance companies are more likely to make people redundant in Scotland by moving jobs to the rest of the UK (since that will be their biggest market) than they are to create more jobs up here.

So in fact there will be the opposite effect to what you are suggesting.

Have Irish or Dutch financial institutions moved their operations out of their native country; where is the head office of Banca Santander? See where I'm coming from?

[euansdad]

Yes eyrie that could happen and I'm not saying or even trying to predict what will happen but all I'm saying is that right now, this kind of thing is something that will disenfranchise a lot of people in Scotland from the uk and something the SNP could profit from in their campaign

[VickMackie]

The companies will move to the place with the best tax rates or incentive. Lower corporation tax etc could bring business and jobs.

All large Scottish based companies will be keeping a close eye on it.

[Edinburghlass]

Apparently the number of redundancies is near the 300 or so but with new jobs being created the net is 140. £100 million operational savings target for the last 3 years and it feels like it's change all the time.

There is still a graduate vacancy programme being advertised at the moment especially for IT where they do a 2 years rotational training programme (if anyone is interested!)

[Eyrie]

Why would they do that? Where the market is, particularly in financial services, is not really relevant to where the jobs are located. Santander is a prime example. Also, if the Scottish government decide to have a lower Corporation Tax rate than the U.K., that would attract more companies.


Have Irish or Dutch financial institutions moved their operations out of their native country; where is the head office of Banca Santander? See where I'm coming from?


The companies will move to the place with the best tax rates or incentive. Lower corporation tax etc could bring business and jobs.

All large Scottish based companies will be keeping a close eye on it.
All of these apply to head office functions, but customer relations are best handled within the country where the customers are based and that is where jobs would be in jeopardy.

[Phil D. Rolls]

All of these apply to head office functions, but customer relations are best handled within the country where the customers are based and that is where jobs would be in jeopardy.

So how have Scottish financial institutions managed up until now (apart from using call centres in India)? They are like the Old Firm, they keep threatening to go to England, but they haven't gone yet.

[CropleyWasGod]

All of these apply to head office functions, but customer relations are best handled within the country where the customers are based and that is where jobs would be in jeopardy.

I'll bear that in mind when I speak to Barclaycard (Indian) this afternoon, and Dell (Irish) next week.... :wink:

[VickMackie]

All of these apply to head office functions, but customer relations are best handled within the country where the customers are based and that is where jobs would be in jeopardy.

So why don't standard life have their HQ in england given that's their highest customer base?

There are excellent customer service staff in Scotland. Tesco bank set up their hq here. Presumably their customer base will exist mostly in england.

Scotland attracts business because the cs skill base already exists.

[VickMackie]

Apparently the number of redundancies is near the 300 or so but with new jobs being created the net is 140. £100 million operational savings target for the last 3 years and it feels like it's change all the time.

There is still a graduate vacancy programme being advertised at the moment especially for IT where they do a 2 years rotational training programme (if anyone is interested!)

300 or so at risk of redundancy but most will move to new job roles so aren't being made redundant. Still a lot and not good to have all these people looking for jobs.

[Eyrie]

So how have Scottish financial institutions managed up until now (apart from using call centres in India)? They are like the Old Firm, they keep threatening to go to England, but they haven't gone yet.


So why don't standard life have their HQ in england given that's their highest customer base?

There are excellent customer service staff in Scotland. Tesco bank set up their hq here. Presumably their customer base will exist mostly in england.

Scotland attracts business because the cs skill base already exists.

At present these companies are based in the UK and serve a UK market with a common regulatory framework. In the event of independence they would either have to train Scottish employees on rUK legislation or move the jobs to the rUK where the staff are familiar with the requirements. The latter is the simpler solution.

We'd get the profits of that business up here, but not the employment.

[Phil D. Rolls]

At present these companies are based in the UK and serve a UK market with a common regulatory framework. In the event of independence they would either have to train Scottish employees on rUK legislation or move the jobs to the rUK where the staff are familiar with the requirements. The latter is the simpler solution.

We'd get the profits of that business up here, but not the employment.

Would it not be the Scottish regulations that would be new, and have the training need? Or will the rest of the UK change its regulatory system at the same time? Either way, Scottish based staff will surely be in the same boat as UK based staff at that point in the game?

How will English based companies deal with new financial regulation in one part of their market - will they move customer service jobs up here?

[Rory]

Nature of the beast I'm afraid . I worked at sl creating an online way to buy isas Ergo emptied call centre staff a couple of years back. His folk working , too many egg chasers running the show . Therein ...