Up to 150 jobs are at risk as Legal and General moves a department dealing with general insurance from its base in Hove to Birmingham.
Staff at the company’s City Park offices in The Droveway, in Hove, were told about the impending move in an email this afternoon (Thursday 7 September).
While there will be the opportunity to move to the Midlands, a number of staff are expected to leave the company or apply for other jobs at the offices by Hove Park.
A consultation process is now under way.
Last month Legal and General reported a “strong financial performance” in the first half of the year.
The company made a pre-tax profit of £1.2 billion – an increase of 41 per cent on the same period a year earlier.
Chief executive Nigel Wilson said: “Our business model has proven to be resilient to political, economic and regulatory uncertainties.
“We are not being complacent as we recognise that there are currently some structural weaknesses in the UK economy.
“Notwithstanding this, we have tremendous momentum across our business, a strong balance sheet and increasing access to global growth opportunities.
“Therefore, we remain confident in our ability to deliver growth.”
Over the past few years a number of staff came to Hove from Kingswood in Surrey as L&G closed its offices there.
For some staff, it was a return to Hove, with some having gone to Kingswood from the old Montefiore Road offices in Hove – now a hospital.