Insurance company Standard Life is to axe 139 jobs with most of the posts lost in Edinburgh.
On Wednesday the company said the redundancies come as a result of a new operational model which was announced in August.
Of the 139 posts, 16 will be compulsory redundancies, mainly senior posts. For the other jobs it is expected to be voluntary redundancy.
Most of the jobs will go in IT, customer services, marketing and investments. They say it will allow them to "deliver a greater customer experience".
A three-month consultation process has now started before any jobs will be lost.
Paul Matthews, CEO, UK and Europe, said: "A lot of great progress has been made getting Standard Life ready for the Retail Distribution Review and Pensions Reform. These initiatives significantly change the way customers engage with us.
"Our current model and structure has to change to meet the changing demands of this new world where customers will want to interact in different ways for different products.
"The changes being proposed today fundamentally change how we’re organised so that our customers can have a greater experience with Standard Life."
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