Aviva

MARKETS

GOSLING'S GROUSE

Richard Black is avoiding ‘usual suspect' stocks Aviva and Tesco in his L&G UK Equity Income fund over fears their strategies are wrong in the current environment.

Aviva has said up to 800 jobs at its UK business are under threat as it continues to drive through cost-cutting measures.

It has been a bad week for Standard Chartered, and the explosive charges the bank faces dominated the headlines this week.

Aviva has vowed to turn around the performance of its struggling funds business - Aviva Investors - after operating profits fell 13% year on year.

Investors have had to reassess their strategies to stand out from peers in recent months, as range-bound markets play havoc with long-held approaches.

Aviva has overhauled its senior management team and announced a revised strategic business plan after major shareholders raised serious concerns.

The reputation of the UK banking sector hit a new low last week after the FSA hit Barclays with its largest ever fine of £59.5m for breaching LIBOR regulations.

Aviva has fired dozens of senior managers and may look to offload a fifth of its business units after carrying out a review of the company, according to reports.