M&G halts staff reduction plan amid coronavirus crisis

Was planning to cut staff costs by 10%

M&G has stopped its planned staff reduction programme due to the coronavirus pandemic.

The business had planned to cut staff costs by 10% but chief executive John Foley said the move was now paused.  Foley said: "Because of the uncertainty caused by this pandemic, we are dropping our aim to reduce staff-related costs by 10% this year." Investors redeem £100m a day from Woolnough's flagship M&G fund In an all-employee email, he added that any ongoing requests for voluntary redundancy would be considered and those going through the process would have the opportunity to change their mind. Foley said the business was still committed to its broad cost-saving package wh...