Mar 9, 2018

Week in Review, March 10

Axa shares fall after $15bn deal for Bermuda-based XL. When Axa chief executive Thomas Buberl presented his grand strategic plan, Ambition 2020, in 2016, he said that the company would spend about €1bn per year on acquisitions, writes Oliver Ralph in London. They ended the week 10 per cent lower than they were before the announcement. Mr Buberl said that the deal was part of a plan to shift the company from being exposed to financial risks - such as financial markets - to purer insurance risks. Four years after his conviction for illegal drugs possession, the Financial Conduct Authority this week banned the former chairman of the Co-operative Bank for using a work email to discuss buying cocaine and ketamine, writes Caroline Binham in London. In particular the independent review will focus on why Co-op Bank quit a bidding process for hundreds of Lloyds Banking Group branches in what was known as Project Verde.

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