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Lloyd's of London to cut 10% of U.K. staff as rates bite

Lloyds plans to introduce a new organization structure in the fourth quarter and the job cuts will be part of that change.

By Sarah Jones | Updated on June 26, 2017
A man walks up the stairs by the main entrance to Lloyd's of London building in the City of London Thursday, March 30, 2017. Lloyd's of London is setting up a subsidiary in Brussels so that it can continue to write insurance in Europe once Britain leaves the European Union. (AP Photo/Alastair Grant)

Lloyd’s of London is planning to cut 10% of its staff in the U.K. as the world’s oldest insurance market looks to streamline operations and reduce costs amid continued pricing pressure on its members.

Lloyd’s plans to introduce a new organization structure in the fourth quarter and the job cuts will be part of that change, Chief Executive Officer Inga Beale wrote in her half-year email to members. The insurance market currently employs around 800 people in Britain, a spokesman said on Monday.

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