President Ben Shenton said it had been a tough decision, but was taken in the broader interests of the business.
'It has been an extremely difficult decision to make, but on a more positive note, we have made a commitment to offer all affected colleagues that wish to continue their careers with the Society new positions in other parts of our business.
'We do fully recognise our obligation to those colleagues who are affected, and, as other parts of our business are growing, we are confident that we can find them all alternative positions. The Society operates in a fast moving, constantly evolving industry and we have no option but to run our business efficiently and take advantage of new opportunities to improve our operation whilst adapting to meet the challenges that lie ahead.'
