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L&G to axe 560 jobs

British insurer Legal & General is in talks with unions to make up to 560 of its staff redundant.

On guard

Let’s consider the global economic problem in a few statements – low interest rates, lax regulatory control and a proliferation of financial engineering (once referred to as innovation) in the banking industry. Add these together and they have all allowed people and governments to borrow beyond their capacity and for the financial sector to be overvalued relative to loan exposures.

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