Opinion: Lloyd's redundancies

Lloyd's announced a programme ofvoluntary redundancies to staff last week.
The headcount at the Corporation - a regulatory, marketing and
central services body, not a company - has hit 1,100 (the same
number as Everest Re), and the executive has reached a conclusion
broadly shared at senior levels among the managing agency community
that this must come down.
When an organisation decides that it is overstaffed and
over-expensed, I can understand why a programme of voluntary
redundancies would be.