Aviva to cull 1,800 jobs to save £300m per year June 6, 2019 Aviva is set to cut 1,800 jobs over the next three years in a bid to help save £300m per year. The bombshell announcement means the UK insurance giant stands to lose six per cent of its 30,000 workforce under new chief executive Maurice Tulloch. Read more: Aviva CFO to leave in latest leadership shake-up [...]
Sir Philip Green’s fashion empire hangs by a thread as CVA vote is delayed June 5, 2019 SIR PHILIP Green made a dramatic last-minute bid to stall the collapse of his retail empire tonight after postponing a crunch vote that threatened the future of his high street brands. In a shock move the Topshop tycoon decided to delay the final decision from creditors on whether to approve an insolvency process for his [...]
Aviva CFO to leave in latest leadership shake-up June 5, 2019 Aviva’s CFO is set to depart in the latest of a series of sweeping changes under new boss Maurice Tulloch. Tom Stoddard will quit his role as chief financial officer at the end of June, the UK insurer’s board of directors said. Read more: Aviva share price falls as it warns of ‘muted’ 2019 He [...]
Esure and Directline founder Sir Peter Wood leads insurance start-up funding round May 28, 2019 Esure and Directline founder Sir Peter Wood has led a £2.5m funding round in insurance start-up Pikl. Wood received £360m when he sold his stake in Esure to private equity firm Bain Capital last year. The serial entrepreneur also founded Directline in the 1980s, allowing customers to buy insurance over the phone, later selling his [...]
Marks & Spencer pension scheme transfers £1.4bn to two insurers May 23, 2019 Troubled retailer Marks & Spencer (M&S) has transferred £1.4bn in pension scheme liabilities to two insurance companies, bringing the total insurance coverage to two thirds. Phoenix Group has insured £460m of liabilities, covering 5,000 pensioners, while Pension Insurance Corporation (PIC) has insured £900m of the £10bn pension scheme. Read more: M&S braced for fresh decline [...]
Challenger bank TSB unveils raft of leadership appointments as CYBG’s Debbie Crosbie begins her reign May 22, 2019 Challenger bank TSB has further bolstered its leadership team following the arrival of new chief executive Debbie Crosbie. The former CYBG chief operating officer took charge earlier this month, replacing Paul Pester who stepped down last year in the aftermath of a major IT meltdown. Read more: TSB launches fraud guarantee for customers after last [...]
BT’s brand value drops as new boss prepares image overhaul May 21, 2019 The value of telecoms giant BT’s brand slumped this year as new chief executive Philip Jansen prepares to overhaul the company’s image. BT dropped two rankings to 10th place this year as its brand value, which is calculated as the net economic benefit its owner would receive if it licensed the brand in the open [...]
Why your CEO got fired: Ethical lapses cost bosses their jobs in 2018 May 15, 2019 The turnover rate of CEOs soared to 17.5 per cent last year as ethical lapses became the biggest factor behind sacking bosses. Read more: Revealed: The CEOs who oversaw tech's 10 biggest share price rises While the 20 per cent rate of “forced turnovers” among departures at the top remained the same in PwC’s 2018 [...]
City Moves for 14 May – Who’s switching jobs at Aviva Investors, Freedom Finance and Amundi? May 14, 2019 Today's City Moves includes Aviva Investors, Freedom Finance and Amundi. Aviva Investors Aviva Investors, the global asset management business of Aviva, has announced the addition of Stephanie Niven as a named manager to the Global Equity Endurance Fund. She will work alongside Giles Parkinson, who has been manager of the fund since its launch in [...]
Insurance giant Allianz posts first quarter profit boost to beat expectations May 14, 2019 German insurer Allianz said today its net profit for the first quarter rose slightly, ahead of market expectations. Its results were boosted by lower claims for natural disasters but it said high expenses due to investments had led to a decline in operating profit in its asset management business. Operating profit increased 7.5 per cent [...]