AEG To Close 2 Units; Cuts UK Operation Costs

AEGON NV AEG announced on Tuesday that it would be advancing with its plans to cut costs at its UK operations by 25%. In June, AEG had announced its intention to cut costs. Aegon plans to shut down two of its businesses and to streamline management. Its third-party-pension-administration unit that has 82 employees and its employee-benefits-software units with 7 employees will be closed. Amsterdam based AEG plans to cost cuts broadly within the UK, which also involves cuts in senior management and in staff. AEG said it could not give a specific number of jobs that would go since the company is yet to begin legal talks with the unions. According to the reviews, AEG will cut down close to 106 jobs. Earlier in the month, AEG had announced a revamping of its UK lines. AEG shares gained 0.66% to $6.06 at 9:30 am. Read more from Benzinga's Company news.