Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
You can save money by doing a quick check and unsubscribing from apps you no longer use.Technologyread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
* New CEO Tulloch flags changes ahead of investor day
To split UK insurance; seeks annual 300 mln stg in cost cuts
* UK digital business to merge with general insurance
* Second-biggest gainer in FTSE 100 index (Adds background, trade union, analyst, share price)
By Carolyn Cohn
LONDON, June 6 (Reuters) - British insurer Aviva will restructure its British business and cut costs across the firm with the loss of 1,800 jobs globally as it new chief executive seeks to make the business more competitive.
Insider Maurice Tulloch took over as CEO in March, amid investor concern that the insurer, which provides pensions as well as car and home insurance, was failing to cross-sell its products successfully.
Aviva is also facing increased competition from German insurance giant Allianz, which last week did two deals potentially valued at over 800 million pounds ($1 billion) to cement its position as the country's second biggest general insurer.
Aviva said it would bring costs down by 300 million pounds a year over the next three years, in a statement on Thursday ahead of its first investor day under Tulloch.
"Today is the first step in our plan to make Aviva simpler, more competitive and more commercial," Tulloch said in the statement. "Reducing Aviva's costs is essential."
Aviva employs 30,000 people and its international markets include Canada, France, Ireland and Asia.
British union Unite reacted angrily to the global job cuts, saying they had arranged "urgent discussions" with management.
But Aviva's shares responded positively to the strategy changes, rising 1.7% to make them the second biggest gainer in the FTSE 100. The shares have risen 12% this year, recouping half of last year's losses.
Panmure analyst Barrie Cornes said Aviva's shares were "fundamentally undervalued", reiterating the firm's buy recommendation on the stock.
Aviva said it would focus on cutting central costs, as well as consultants and project expenditure.
The cost base in 2018 was four billion pounds, an Aviva spokeswoman said, making a planned annual cost reduction by 2022 of 7.5%.
Following the departure in April of Andy Briggs, head of the life and general insurer's UK business and a contender for the top job, Aviva had said it would review that business.
It has split the UK life business away from general insurance, it said on Thursday.
Angela Darlington has been appointed interim Chief Executive Officer of UK life and Colm Holmes CEO of general insurance across the group, including Britain.
The UK digital business, housed in a former garage in the City's tech district, will be incorporated into the UK general insurance business, it said.
Aviva said trading to date had been in line with 2018 and reiterated its commitment to a progressive dividend policy. ($1 = 0.7890 pounds) (Reporting by Carolyn Cohn; editing by Simon Jessop)