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Thomas Cook shares drop as it announces review of money division as part of overhaul

Thomas Cook said it will consider "how we focus our resources in those areas that give us the greatest opportunity to make a difference to customers in our core holiday offering"

Thomas Cook
Thomas Cook is considering the sale of its airline business
Thomas Cook Group PLC (LON:TCG) shares descended on Tuesday after announcing a review of its money division as it seeks to turn around its performance after a difficult 2018. 
 
The travel operator has been streamlining its operations to focus on its core holiday business after issuing two profits last year as a prolonged summer heatwave in the UK led to more staycations.

READ: Hundreds of jobs to be axed as Thomas Cook announces closure of 21 high street stores

In February, the company said it would carry out a strategic review of its airline business, which could include putting it up for sale.
 
The company is also closing stores this year in a bid to save costs and adapt to the growing shift towards online holiday bookings. 
 
On Tuesday, Thomas Cook chief executive Peter Fankhauser, said the group will “now consider how we focus our resources in those areas that give us the greatest opportunity to make a difference to customers in our core holiday offering.”
 
As part of the review, Thomas Cook will consider proposals that bring the money division – which includes foreign exchange, pre-paid travel cards and holiday insurance – closer into line with the tour operating business.
 
UK chief of retail and money, Anth Mooney will also step down from the business after two years at Thomas Cook. 
 
In afternoon trading, shares fell 2.6% to 25.73p.

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