The Prudential Group’s UK business, M&G Prudential has previously said that its £250 million digital transformation program had a proposed impact on 84 colleague positions primarily in Craigforth, Stirling.

The five-year plan intends to “create a simple, modern, customer-centric savings and investments business and improve outcomes for over six million customers through better service and wider choice”.

In June 2019, a firm commitment was made by the company by to Stirling and Edinburgh as two of its three UK locations in the future (the other is in London). It is estimated that by 2025, the majority of the company’s British workforce will be based in Scotland – split between Stirling and Edinburgh.

The proposed reduction of 84 permanent roles will occur in the ‘Wealth Solutions’ part of M&G Prudential, primarily from Craigforth site in Stirling.

M&G Prudential said: “It is fundamental that we have the right structure, responsibilities and accountabilities in place across our business. The financial services market place is continually evolving and the demands from our customers, quite rightly, are ever-increasing. There will be many ongoing challenges, as well as significant opportunities, and we will always seek to structure our business and adopt modern ways of working to stay at the forefront of any future developments.”

If this proposal is implemented there will be just over 1,000 staff in the company’s Craigforth offices in Stirling. Following the phased move of ‘Wealth Solutions’ colleagues over the next 18 months, there will be over 700 based in Stirling and 600 in Edinburgh.

M&G Prudential also said: “This is to do with changing role requirements as we continue building our business for a successful future and embrace the digital age – not in any way indicative about commitment to location. Stirling is absolutely a key location for the company and we are fully committed to developing superior facilities for our colleagues who work there through a separate multi-million-pound investment programme in the coming years.”

The Prudential Group had also announced last week the intention for the demerger of M&G Prudential in the last quarter of 2019. The newly-listed business, to be called M&G plc, will retain the separate brands of Prudential and M&G for current and future clients. Last week the Prudential Group announced half-year operating profits from continuing operations up 14% at £2,024 million and that M&G Prudential assets under management had increased 6% to £341 billion.