18th Jul 2014 05:52
LONDON (Alliance News) - RSA Insurance Group PLC Chief Executive Stephen Hester is to cut out nearly 10% of the company's GBP2.0 billion in annual costs, the Financial Times reported online on Thursday.
According to the report, investors said that Hester, who joined the insurer in February, is set to reduce the insurer's expense base by almost GBP150.0 million over the next three years.
The FT also reported that the Central Bank of Ireland is able to fine RSA up to GBP35.0 million, though it said the final amount is likely to be considerably lower. RSA caught the attention of regulators in the wake of an accounting scandal at its Ireland business last year.
http://www.ft.com/cms/s/0/b1313676-0dbe-11e4-815f-00144feabdc0.html#axzz37jdVjEB0
By Samuel Agini; [email protected]; @samuelagini
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