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CGU to make greater merger savings


CGU expects the cost savings made from its merger last year to increase to £325m by 2000 according to the Financial Times.


The company initially estimated annualised cost savings from the merger of General Accident and Commercial Union to be £270m.


The estimate increased substantially reflecting additional savings made in its UK general insurance arm and from savings on premises and information technology.


But CGU says the fundamental nature of its job cutting exercise will not change. It is aiming to cut 6,000 staff and says it is two thirds of the way to achieving this target.

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