Skandia sales force faces heavy cutbacks

Platform giant Skandia's sales force is understood to be facing a significant reduction in numbers after the group - now known as Old Mutual Wealth - revealed there will be 200 jobs lost across the business.

Skandia - in the process of being rebranded as Old Mutual Wealth - said last week it had entered into a 90-day consultation with staff about planned job cuts, with no further detail given about exactly where jobs will be lost. However, Investment Week understands the group's sales force - currently 100-strong - will be cut sharply. A spokesperson for the group said they could not comment on the job cuts until after the consultation had been completed. Many other platforms - in particular the newer entrants to the market - have less than a dozen people in their sales teams. Skand...