FINANCIAL workers in Tunbridge Wells are braced for job losses after the AMP group announced that its British workforce would be cut by 1,900. Most of the cuts will affect the Australian firm's Pearl Assurance subsidiary, mainly based in Peterborough, but some jobs are expected to go at the Calverley Road offices.

AMP employs around 5,000 people across its three UK life insurance businesses - Pearl, London Life and NPI. The group employs around 450 people in Tunbridge Wells, most of them part of the NPI subsidiary.

Pearl is to lose its 700-strong direct sales force under the plan, replacing it with telephone-based advice and support. A company spokeswoman said she could not put a figure on possible job losses in Tunbridge Wells but the situation should become clearer after a 90-day consultation exercise.

"It's too early to say which area will be affected so I can't actually say what will happen in Tunbridge Wells," she said.

The job cuts follow a major review of the AMP group. Chief executive Andrew Mohl said: "In the last two months AMP has conducted an extensive review across the business. Every part of AMP has been under scrutiny -- from distribution channels and products, to the role of corporate, to our culture and values."

"We found that the strategy of simultaneously trying to build our UK businesses and pursue international growth was inappropriate, particularly in difficult market conditions."

He added that the company would focus on three core areas -- wealth management, financial services and retirement planning. The latest job losses follow a further cut of 1,500 announced in June. AMP said it hoped the job cuts would save the company £160 million by the end of 2003.

"These have been difficult decisions to make because of the impact on our people," said Mr Mohl. " However, given tough equity markets and the well-publicised issues of the UK life market, we have no choice."