Diageo holds steady after Dave Lewis launches job, cost cuts
Diageo shares were flat on Thursday after a report said CEO Lewis gave his executive committee cost-cutting targets instead of a single company-wide jobs number. Diageo told Reuters the effort is tied to its operating model redesign unveiled in February, aimed at boosting competitiveness and returns. Diageo held up while the rest of London’s blue-chip stocks slipped ahead of the Bank of England’s rate call, a muted reaction that points to investors having already priced in an efficiency push. The market doesn’t see this as a sign the weak sales trend is over.