NEW survey has warned of widescale job losses throughout Ireland's financial services sector with the biggest staff cuts likely in the life assurance industry.
Research by consultants Prospectus indicates that 40 per cent of companies surveyed believe the scale of losses will be large.
Staff at middle management level or those working in the administration or operational side of the industry are most vulnerable to job cuts, the report claims.
It quotes industry sources which believe that life assurance companies will have to reduce costs by between 25 per cent and 30 per cent over the next five years, if they are to remain competitive.
Building societies, however, are looking to increase staff levels, with 20 per cent expecting to take on a small number of new employees over the next five years.
According to the report, banks and building societies are best positioned to meet changing customer needs.
Life assurance companies and insurance brokers face major challenges. These firms will have to [focus on rebuilding trust with customers and providing value for money, the report says.
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