Pru chief facing calls to step down

The Sunday Times said that Fidelity and Legal & General Investment Management, which own a combined stake of 6.5 per cent in the Pru, have both demanded meetings with the company's board to discuss Tidjane Thiam's future.

Another report said investors were threatening to call an extraordinary general meeting to force the removal of the chief executive.

The company's board and its biggest shareholder have stood by Mr Thiam, despite an estimated bill of 450m following the collapse of the Pru's 35.5 billion US dollars (24.5bn) takeover of Asian insurer AIA. The deal would have been one of the biggest foreign takeovers ever attempted by a British company and would have transformed Prudential's presence in Asia.

At an ill-tempered annual meeting last week, chairman Harvey McGrath said the board had "total confidence" in its management but apologised to shareholders for the "discomfort and worry" caused by the failed bid.

The Sunday Times said the company's other eight big investors, including Capital Group, which controls 13 per cent of the shares, were understood to be supportive of the group and its strategy.