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JLT cuts 300 employee benefit jobs as RDR hits revenue

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JLT has reduced headcount at its UK and Ireland employee benefit business by over 300 as part of a restructure of the group.

In interim results, published today, JLT says “decisive action” has been taken in a bid to achieve £14m of savings in 2017.

It says the 2016 target of cutting costs of £9m is on course to be hit.

The report also reveals the impact of the RDR on the business as revenues fell from £85m in the first half of 2015, to £64.9m in the same period this year.

JLT group chief executive Dominic Burke says: “During the first half of this year we have been encouraged by the level of client wins, which have been as strong as at any time since I became CEO.

“We are seeing significant financial benefit from collaboration between our specialty operations around the world, which is helping sustain momentum and drive organic revenue growth across the business.

“Economic and industry conditions remain challenging; nevertheless we remain confident about the Group’s ability to deliver year-on-year financial progress.”

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