Standard Life is planning to save up to £100 million a year by cutting as many as 1,000 jobs based in Scotland.
Despite revealing profits of £613 million, which equates to an increase of 55 per cent year on year, the finance firm will be will be losing staff from its life and pensions division in Edinburgh.
The firm has stressed that the workforce reduction would be as a result of normal staff turnover, rather than redundancies.
David Fleming, a representative for Amicus union, said: "This is all about profit for the shareholders at the expense of a very loyal workforce. Amicus is seeking recognition at the company with the desire to prevent compulsory redundancies."
Sandy Crombie, chief executive of Standard Life, added: "Notwithstanding this strong progress, there is more we can do to increase the efficiency of our operations and to deliver further earnings growth and higher returns.
"Through efficiency and productivity, we can achieve a reduction in the underlying headcount requirement to service our existing levels of business by around 1,000 by 2009."
Standard Life currently has a workforce of 10,000 and the firm has cut 4,500 jobs since 2004.