WEBVTT - ABN Amro Job Cuts, Barclays Up, Marstens High

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

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<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 3>Let's take a look at some of the stocks on

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<v Speaker 3>the move today here in Europe. I'm Caroline Hepget and

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<v Speaker 3>we're joined by Bluebeg's breaking news editor Louise Move. Good morning,

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<v Speaker 3>Louise ab and amro. Their new CEO has got some

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<v Speaker 3>quite dramatic plans for the business try to bring in

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<v Speaker 3>greater profitability. How are market's reacting quite positively this morning. It's,

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<v Speaker 3>as you say, it's very dramatic. So plans to cut

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<v Speaker 3>about twenty percent of the workforce. So that's a net

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<v Speaker 3>reduction of over five thousand full time roles against the

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<v Speaker 3>headcount from last.

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<v Speaker 4>Year, and that's over the next three years.

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<v Speaker 1>That's just one of one of the measures that kind

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<v Speaker 1>of being announced this morning. She joined in April, and

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<v Speaker 1>essentially she's already started on a few measures and this

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<v Speaker 1>is more really really pushing into that turnaround to try

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<v Speaker 1>and boost profitability. Of the other things that they were

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<v Speaker 1>saying this morning was aiming to boost the return on

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<v Speaker 1>equity to at least twelve percent by twenty twenty eight,

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<v Speaker 1>targeting a cost income ratio below fifty five percent. They

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<v Speaker 1>also sold their personal loan business, so a whole host

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<v Speaker 1>of things and as I say, shares rising on this,

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<v Speaker 1>extending fast gains already this year, so seeming that markets

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<v Speaker 1>are reacting positively. There's a quote from the CEO saying,

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<v Speaker 1>we know that more must be done to enhance our

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<v Speaker 1>returns and competitiveness.

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<v Speaker 4>So appealing to the market with those changes this morning.

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<v Speaker 3>Yeah, that's sir margheriteberas French executive. Looks like a new

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<v Speaker 3>broom at abn am ro Okay, So that's one stock.

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<v Speaker 3>Rachel Reeves putting money, people putting money into their current

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<v Speaker 3>account into Iser's UK bank shares.

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<v Speaker 4>Moving ahead of the budgets.

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<v Speaker 1>Yeah, So there's been a lot of worries about Rachery's

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<v Speaker 1>kind of a bit bit of a raid on banks,

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<v Speaker 1>So higher taxes on banks in the budget that's been

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<v Speaker 1>hitting banks over the last few months, you know. And

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<v Speaker 1>then there's been months of these banks arguing that more

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<v Speaker 1>taxes would be counterintuitive to keeping the financial sector competitive internationally.

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<v Speaker 1>There was a report this morning overnight that the sector

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<v Speaker 1>would be spared so that won't happen, So these worries

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<v Speaker 1>are easing, shares.

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<v Speaker 4>Rising on the back of that.

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<v Speaker 1>So we've got the likes of Barclay's, Lloyd's now we're

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<v Speaker 1>all gaining by about three percent this morning. So those

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<v Speaker 1>worries easing for the budget tomorrow, okay, and it's been

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<v Speaker 1>early in the week. But also anything about pubs, Yes,

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<v Speaker 1>Marston's I thought i'd end on a bit of a

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<v Speaker 1>positive note looking ahead of Christmas. A month now until Christmas,

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<v Speaker 1>and Martin's giving a bit of a Christmas cheer this morning.

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<v Speaker 1>So they're saying that bookings for the Christmas season are

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<v Speaker 1>eleven percent ahead of last year. They're saying cost pressures

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<v Speaker 1>are manageable, and they're looking ahead and quite positive to

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<v Speaker 1>what they call demand driving events for next year, so

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<v Speaker 1>like the World Cup coming next year. So shares jumped

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<v Speaker 1>to a three year high this morning, up about twelve percent.

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<v Speaker 1>So and List is saying they're making strong strategic progress.

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<v Speaker 4>Marstons have been implementing a lot of change new pub formats.

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<v Speaker 1>Interestingly, they've been using a labor model, so it uses

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<v Speaker 1>AI to forecast busy times at the pubs and they

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<v Speaker 1>can get correct staffing levels, and they've also been putting

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<v Speaker 1>on events like dance tournaments.

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<v Speaker 4>Carriok that kind of thing. So positive, Marstons.

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<v Speaker 2>This morning the Stock Movers Report from Bloomberg Radio. Check

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