Prudential, the life insurer, is today expected to announce plans to cut 2,000 jobs, representing 20% of its UK workforce.
The job losses follow a strategic review by Mark Wood, the former chief executive of AXA Sun Life, who was recruited to run Prudential's UK and European operations.
This is the second redundancy programme announced by Prudential this year. In February the company closed the UK salesforce with the loss of 2,000 jobs.
The move is in response to the economic slowdown. M&G, Prudential's fund management operation, and egg, its majority owned internet banking arm, are not thought to be affected.