Seventy five finance jobs at Royal & Sunalliance will be affected by a review of its treasury and reinsurance operations.
The second largest UK general insurer has announced it is to pool its banking and treasury operations, currently based in four offices, into a single site in Liverpool employing 46 staff.
The move will mean the closure of RSA's banking and treasury units at Bournemouth, Bristol and Halifax by mid-2001. However, there are to be no immediate job cuts in the restructured department.
In a separate move, RSA is planning to move its two UK commercial insurance accounting teams from Liverpool to Bristol, where they will join its UK life operations. The reformed reinsurance office will employ 29 people.
The changes follow RSA's in-depth review of its finance operations which began in mid-2000.