The financial services sector has suffered a fresh blow after insurance giant RSA announced plans to axe 1,200 jobs.
The firm said the cuts will be achieved by the middle of next year and are aimed at improving operational efficiency and reducing costs.
RSA announced a target of saving £70 million in the UK, mainly through the job cuts - which will account for around 14% of its 8,800-strong UK workforce.
The firm's main offices are in Liverpool, London and Horsham in Sussex but the job losses will be spread across the company and at all levels.
A spokesman said around 260 posts had already gone and a further 300 are earmarked through natural turnover.
Unite's regional officer Martin McKeown said the union is "disappointed" with the cuts, adding: "We have been involved in consultation with the company and both parties remain committed to mitigating the consequences of this decision. We will oppose any compulsory redundancies."
RSA chief executive Adrian Brown said: "I see exciting opportunities to continue to build and grow RSA. But key to this will be reducing our costs. The healthier our expense base is, the more competitively-priced our products and services become.
"Decisions like these that affect our people are always difficult, but it is the right thing for our customers and our business. Every support will be given to our colleagues to assist them finding new roles, either within the business or with other companies."
RSA workers in Liverpool spoke of their shock at the announcement of job cuts, with one man saying "everyone" at the firm is worried.
Another worker said: "I have heard of the job cuts and I am really shocked." Asked whether workers were given any warning, she added: "No. It was on the news."
