Lloyd's of London to cut UK staff by 10%, report says

Lloyd's of London will shrink its number of staff in the UK by a tenth in a bid to streamline operations in the face of heightened competition.

The reduction will come alongside its shift to a new organisational structure in the fourth quarter, company chief Inga Beale said in her half-year e-mail to members, according to Bloomberg.

As of Monday, the insurance market reportedly employed roughly 800 people.

The cuts would be conducted via a voluntary severance programme and redeployment within the organisation.

Beale said management agents and brokers needed to look to cut internal costs and work more efficiently.

An application to set up a Brussels unit was to be submitted in September.