Financial services firm Old Mutual has shed 22 staff from its two businesses in a bid to cut costs.
The departures have affected both the Skandia and Intech business across all job levels, including the general manager of marketing and product.
There are 17 staff losses in Skandia and five people have left the Intech business, according to Skandia chief executive Andrew Black.
"The retrenchments represent less than 10 per cent of our workforce. Regrettably, in this environment we have had to cut costs," Black said.
A number of financial services firms have recently shed staff. Axa Asia Pacific, Macquarie, K2 Asset Management and Merrill Lynch have all recently cut jobs amid the global market turmoil.
