STAFF are fearing for their jobs as bosses at the University of Southampton launch a four-month money saving review.

Academic chiefs are aiming to increase the university's income and reduce its expenditure in a bid to claw back a £2m deficit.

A series of open forums for the 5,000 staff are being held across the university by Professor Adam Wheeler, the senior deputy vice chancellor and Simon Higman, registrar and chief operating officer.

The university blames its financial woes on a higher than expected nationally agreed staff pay settlement.

The joint trade unions of UCU, Unison and Unite met yesterday to discuss the controversial review with director of human resources, Tony Strike.

The unions claim the university management - which is to carry out this review - are to blame for the institution's financial problems.

They also say the manner in which the university has announced the review has created a widespread feeling of fear and rumours that administrative and specialist staff may be the first to face the chop.

A spokesman said: "The trade unions will of course do their utmost to defend not only jobs, but any deterioration in terms and conditions of employment that may result from attempts to implement decisions made through this review.

"While we understand that the university is facing an income expenditure dilemma we maintain that this was not created by the staff group now being reviewed but by the very management now managing this review."

Professor Wheeler said it was too early to say whether there would need to be job cuts.

He said: "As with some other UK universities, our expenditure, especially in terms of staff costs, has risen sharply in the past two years and is currently outstripping our income, resulting in an operating deficit of £2m.

"This is partly because our previous plans had assumed salary increases that were more modest than those agreed nationally.

"Although it is only a fraction of our annual turnover, good management requires that we address it before it grows.

Open forums are being held at the Avenue Campus, Winchester School of Art, Highfield Campus, Boldrewood Building and Southampton General Hospital.

The Daily Echo understands there are currently no plans to cut courses.

The review comes after the Daily Echo revealed how the university is advertising for a new vice chancellor to take over from Professor Bill Wakeham who retires next year.

With the post comes a £214,000 salary, complementary house, car and chauffeur for certain engagements.

Earlier this year the university also unveiled its new logo that cost £160,000.