Insurance giant Aviva is thought to be studying proposals to close or sell a raft of divisions as part of a turnaround plan.
Chairman John McFarlane will reportedly reveal that some ten to 15 businesses out of 58 have been put on the list to wind down or offload – with the US arm said to be among those at risk.
The group is understood to have already made a number of senior managers redundant under a restructure being led by McFarlane, who took over as executive chairman when chief executive Andrew Moss quit in May after a shareholder revolt over pay and performance.
It is thought he may outline his overhaul this week amid a tumultuous period for the group, which was thrown into turmoil when Moss was forced to resign.
His departure came after 59 per cent of votes failed to back Aviva’s pay report in one of the biggest protest votes of the so-called “shareholder spring”.
Some 10 per cent of shareholders went against or withheld their votes on the re-election of Moss.
The firm is understood to be looking to cut head office costs, integrate technology across various divisions and slash management layers from 11 to five.
McFarlane has also forgone any increase in remuneration package despite taking on executive duties.