Old Mutual Wealth cuts 200 jobs in Skandia merger

Old Mutual Wealth has announced 200 jobs will be axed as it merges its business with Skandia.

As part of the changes, Nick Dixon and marketing director and Andy Davies, sales director (adviser sales) of Skandia UK will leave the business. Skandia said the cutbacks will be made in areas of overlap with Old Mutual Wealth. Paul Feeney (pictured), chief executive of Old Mutual Wealth said: "We know this is a difficult time for our staff, so we will make these changes as quickly as we can to give them clarity about the future and to ensure there will be minimal disruption for advisers and our customers. I'd like to take this opportunity to thank both Nick and Andy for their sign...