Jun 6, 2019
New Aviva chief outlines plan to split insurer and cut jobs
After several shake-ups to management, Aviva's new chief executive Maurice Tulloch has unveiled the shake-up that matters to investors. Aviva says year-to-date trading has done nothing to excite shareholders. Full-year results at online trading group CMC Markets were predictably bad. Pre-tax profits shrivelled, down almost 90 per cent to just £6m. The industry has suffered from a Europe-wide regulatory crackdown on the leverage non-professional clients can use to juice up trades. Retail clients in the region affected by new rules are only trading at 35 per cent of the volume they were before the restrictions came in, not helped by unexciting markets. London's FTSE 100 nudged up 0.2 per cent in opening trade, with Frankfurt's Xetra Dax 30 flat.
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