FRIENDS Life has insisted no decisions have been taken about the future of its Exeter base, amid reports that it could pull out of the city.
The insurance, investments and pensions firm has about 80 directly employed staff at Winslade Park, Clyst St Mary, where a further 340 people work for Diligenta after their jobs were outsourced last year.
Friends Life began a review of its UK locations in December as it looks for further efficiency savings following the takeover of Friends Provident by Resolution in 2009.
It has now emerged that property agents Jones Lang La Salle, acting on behalf of the landlord, expect the company to scale down staff numbers before quitting the site in 2014/15.
Responding to the reports, a spokesman for Friends Life said: "There has been no public announcement about our plans for the Exeter office, however we did communicate with our colleagues in December 2012 following speculation surrounding the future of our presence in Exeter.
"Our internal announcement confirmed that we were reviewing our office requirements in Exeter as part of a program of consolidation.
"We have agreed with the Winslade Park landlord that, at a minimum, we will continue to occupy the building until the end of 2014. At present the review is still under way, there are no further developments to announce and the site continues to operate as usual."
The loss of about 440 jobs would be a major blow to the city but it is not the first time staff at the site have faced uncertainty.
In 2010, Resolution revealed plans to slash £75m in costs as part of a £2.75bn takeover of Axa's UK life and pensions business. The firm said it aimed to make the savings within four years by merging the Axa business with Friends Provident, which it bought for just under £2bn in 2009. At the time, Friends employed about 500 people at Winslade Park.
Staff numbers at the site have fallen in recent years. In 2003, Friends Provident was one of Exeter's largest employers, with more than 1,000 staff in the city.
In 2009 the company denied reports it was considering closing its Exeter office, where 550 people then worked, as part of a consolidation drive.