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