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Direct Line Insurance Group PLC To Cut 2,000 More Jobs

Shares in Direct Line (LSE: DLG) increased by more than 5%, or 11p, in early trade as the insurance group revealed initiatives to “improve its operational efficiency”.

This has led to 2,000 jobs coming under threat, having already cut 1,200 roles since August 2012, with consultations with both staff an unions already under way. Those potentially impacted are largely employed in roles across head office and support functions.

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August’s business transformation strategy targeted cost-savings of £100m every year, but is now seeking to save more than double that, with chief executive officer Paul Geddes commenting:

“While we continue to invest in the business with the aim of winning in a market which is changing fast, it’s clear that we need to become more efficient to deliver the good service and value our customers expect.

“We have not made these proposed changes lightly and understand the impact they will have on our people. As we have done in the past, we will deal fairly and carefully with those impacted, and do all we can to support them through these changes.”

With some analysts forecasting a prospective yield of around 6%, Direct Line could represent a great opportunity for income investors.

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> Sam does not own any share mentioned in this article.

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