June 19: Our best British corporate story today is Royal Sun Alliance’s plans to cut 1,550 jobs and expand abroad. The news, together with new cost and growth targets, went down well with the market, where the shares are up 4 per cent. The insurer also announced two bolt-on acquisitions to lift its international business.
We are also picking up the Lloyds TSB trading statement, which is not bad, and the news that it has got round its particularly tricky pensions problem and come up with a plan to plug its giant deficit over the next decade.
Jarvis has confirmed that Alan Lovell, who joined the company as chief executive nearly two years ago to lead its restructuring, is leaving. He is off to Terra Firma, Guy Hands’s private equity shop. This seems to be a sign that the restructuring is complete. The stock is up a touch as a result.
London Stock Exchange shares seem unmoved by John Thain’s threat, on our front page this morning, to open a rival exchange in London or bid for the LSE itself. We’re taking a look at what he would need to do to set up a rival here and whether it would work. You can read a transcript of Thain’s interview on FT.com.
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