Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Let's take a look at some of the stocks on
Speaker 3: the move today here in Europe. I'm Caroline Hepget and
Speaker 3: we're joined by Bluebeg's breaking news editor Louise Move. Good morning,
Speaker 3: Louise ab and amro. Their new CEO has got some
Speaker 3: quite dramatic plans for the business try to bring in
Speaker 3: greater profitability. How are market's reacting quite positively this morning. It's,
Speaker 3: as you say, it's very dramatic. So plans to cut
Speaker 3: about twenty percent of the workforce. So that's a net
Speaker 3: reduction of over five thousand full time roles against the
Speaker 3: headcount from last.
Speaker 4: Year, and that's over the next three years.
Speaker 1: That's just one of one of the measures that kind
Speaker 1: of being announced this morning. She joined in April, and
Speaker 1: essentially she's already started on a few measures and this
Speaker 1: is more really really pushing into that turnaround to try
Speaker 1: and boost profitability. Of the other things that they were
Speaker 1: saying this morning was aiming to boost the return on
Speaker 1: equity to at least twelve percent by twenty twenty eight,
Speaker 1: targeting a cost income ratio below fifty five percent. They
Speaker 1: also sold their personal loan business, so a whole host
Speaker 1: of things and as I say, shares rising on this,
Speaker 1: extending fast gains already this year, so seeming that markets
Speaker 1: are reacting positively. There's a quote from the CEO saying,
Speaker 1: we know that more must be done to enhance our
Speaker 1: returns and competitiveness.
Speaker 4: So appealing to the market with those changes this morning.
Speaker 3: Yeah, that's sir margheriteberas French executive. Looks like a new
Speaker 3: broom at abn am ro Okay, So that's one stock.
Speaker 3: Rachel Reeves putting money, people putting money into their current
Speaker 3: account into Iser's UK bank shares.
Speaker 4: Moving ahead of the budgets.
Speaker 1: Yeah, So there's been a lot of worries about Rachery's
Speaker 1: kind of a bit bit of a raid on banks,
Speaker 1: So higher taxes on banks in the budget that's been
Speaker 1: hitting banks over the last few months, you know. And
Speaker 1: then there's been months of these banks arguing that more
Speaker 1: taxes would be counterintuitive to keeping the financial sector competitive internationally.
Speaker 1: There was a report this morning overnight that the sector
Speaker 1: would be spared so that won't happen, So these worries
Speaker 1: are easing, shares.
Speaker 4: Rising on the back of that.
Speaker 1: So we've got the likes of Barclay's, Lloyd's now we're
Speaker 1: all gaining by about three percent this morning. So those
Speaker 1: worries easing for the budget tomorrow, okay, and it's been
Speaker 1: early in the week. But also anything about pubs, Yes,
Speaker 1: Marston's I thought i'd end on a bit of a
Speaker 1: positive note looking ahead of Christmas. A month now until Christmas,
Speaker 1: and Martin's giving a bit of a Christmas cheer this morning.
Speaker 1: So they're saying that bookings for the Christmas season are
Speaker 1: eleven percent ahead of last year. They're saying cost pressures
Speaker 1: are manageable, and they're looking ahead and quite positive to
Speaker 1: what they call demand driving events for next year, so
Speaker 1: like the World Cup coming next year. So shares jumped
Speaker 1: to a three year high this morning, up about twelve percent.
Speaker 1: So and List is saying they're making strong strategic progress.
Speaker 4: Marstons have been implementing a lot of change new pub formats.
Speaker 1: Interestingly, they've been using a labor model, so it uses
Speaker 1: AI to forecast busy times at the pubs and they
Speaker 1: can get correct staffing levels, and they've also been putting
Speaker 1: on events like dance tournaments.
Speaker 4: Carriok that kind of thing. So positive, Marstons.
Speaker 2: This morning the Stock Movers Report from Bloomberg Radio. Check
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