Around 120 roles at MLC will be cut or redeployed within the business as part of a cost-saving exercise being undertaken by the financial services group.
As yet, there has been no public indication of the types of roles that will be affected, with the impact to be felt broadly across all areas of the business.
MLC alerted the market to the move in a series of e-mails to journalists from a spokesperson for the group.
According to the e-mail, “MLC has undertaken a review of its resourcing requirements in light of the market downturn and has decided to remove some roles from the business”.
The e-mail said the group would aim to “redeploy as many of these people as possible into other roles within the organisation”.
The spokesperson said more details would emerge in early February.
