LV sheds 400 staff as it looks to cut costs

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LV has cut its workforce by 400 over the last 12 months as part of a plan to reduce costs by £40m by 2018.

It is believed that the workforce reduction was done mostly by “natural attrition”. Money Marketing originally reported there have been a “small proportion” of redundancies.

Insurance Age understands there has not been a voluntary redundancy programme.

A spokesperson confirmed: “The £40m cost reduction programme was mentioned in today’s H1 results and as part of that we have b

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