Insurance firm Legal and General (L&G) is to cut 10% of jobs in its 6,500-strong life and pensions division.
L&G made the announcement after reporting a £1.5bn annual loss, and said it was cutting costs as it fought the recession and stock market turmoil.
The company, which has offices in Surrey, Hove, Cardiff and London, said the figure included 450 job losses announced last month.
The Unite union said its members would be "angry and disappointed".
National officer of Unite, Andy Case said: "Unite will do all it can to ensure that the number of job losses is reduced through redeployment and re-training.
Sandie Seward
The insurance firm Legal & General has begun consulting on plans to cut 560 jobs in its savings business.
The planned cuts will be made up of 300 full-time staff and 260 contractors and temporary workers.
The cuts come on top of up to 450 job losses among support staff that were announced in February.
Legal & General currently employs about 8,500 people. Its main offices are in London, Cardiff, Brighton and Kingswood in Surrey.
"Potential redundancies are being driven by changing business demand, operational efficiencies, and the continued refocusing of the savings business towards modern, flexible, capital-lite products," a Legal & General spokesman said.
