Legal and General staff from Brighton and Hove who moved to the insurance company’s Kingswood offices in Surrey have learnt that their jobs may be at risk.
But some of the job losses – at least 250, according to the trade union, Unite – could be moved to L&G’s City Park offices in Hove.
L&G has started a consultation with staff as it prepares to close the Kingswood offices where 1,700 staff work within two years. The lease is nearing its end.
The company will hold initial meetings with staff and union representatives next month.
Hundreds of staff moved to Kingswood from Hove during previous reorganisations by the company. Some jobs may return to Hove, with others relocated to Cardiff.
L&G also kept hundreds of jobs in Hove when it moved to its City Park offices by Hove Park when it left its previous base in Montefiore Road, Hove.
A clue to the current threat to jobs came when the company announced its half-year results a fortnight ago.
In a statement to the London Stock Exchange, L&G said: “We are implementing cost savings across the business including through headcount reductions and a review of our UK and US locations.
“The programme is on track to deliver £80 million in savings in 2015, with expected restructuring costs of £40 million.”
Unite expects the first staff to be made redundant within six months.
Unite regional officer Ian Methven said: “With up to 1,700 Kingswood jobs in the firing line, it is inevitable that such drastic cuts will severely undermine customer service.
“Many of our experienced members have specialised pensions knowledge which is highly valued by customers, yet L&G seem prepared to throw that all away in a reckless rush to make short-term savings.
“Unite has started a collective consultation and we will support our members at every step.
“We are demanding that Legal and General minimise job losses through natural attrition, voluntary redundancy and by ensuring that all staff are offered genuine and realistic offers of relocation.”