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Aegon to cut 600 staff

Aegon UK is looking to lose up to 600 jobs to balance out its purchase of IFAs in a bid to become a top 5 player. Most of the jobs are likely to go at its Edinburgh headquarters. It says investments in technology will lead to cost savings of £40m by next year.

Aegon UK group chief executive David Henderson says the move is a consequence of volatile stockmarkets and pressures on profit margins.

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