View more on these topics

Cavanagh hit by client deferrals and announces redundancy programme

Cavanagh has announced a redundancy programme and says it now expects to break even before costs for the second half of the year.

In a trading statement released this morning, the firm says it has been hit by turbulence in the financial markets causing clients to defer investment decisions to a greater extent than originally envisaged.

It says in particular some significant corporate business is now expected to be implemented in the first half of 2009.

The firm says it expects to break break-even before the amortisation of intangible assets and costs associated with the redundancy programme, for the second half of 2008, and will still be profitable for the year.

The statement says: “In view of the challenging conditions across the sector, the Board has taken action to reduce overheads and further improve operational efficiencies, the benefits of which will be seen in 2009.”

Recommended

95% Have moved to AIG recovery fund

AIG Life has revealed that 95 per cent of policyholders trapped in the frozen enhanced fund have opted to transfer into the protected recovery fund. People choosing to exit the fund on December 15 will get 87 per cent of their fund.

Santander to axe 1900 jobs

Santander has revealed it is to cut 1900 jobs across its Abbey, Alliance & Leicester and Bradford & Bingley Savings arms.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment