Banks plan to move 3,000 from City
Three global investment banks plan to move 3,000 City of London jobs to other UK cities and towns over the next few years, bringing respite to regional financial centres as they struggle against heavy job losses in banking and insurance. The moves by Bank of America, JPMorgan and Deutsche Bank will bring hope that the much talked-of “nearshoring” – a movement of jobs either out of expensive London or from overseas back to Britain – may finally start to gather pace.
Hedge funds out of love with equities
Investors have fallen so far out of love with stocks that assets in fixed income hedge funds are poised to overtake those in equity trading strategies for the first time in the history of the $2tn industry.
US banks in restructured finance spree
US banks have increased their holdings of structured financial products to the highest level since 2009 in a bid to boost profits in the face of continued record low interest rates. Banks’ structured finance investments surged to $48bn in the third quarter, according to data released by the Federal Deposit Insurance Corporation.
Ernst & Young under fire over fraud
Ernst & Young is facing legal action by the liquidators of the main fund of Weavering Capital, whose collapse at the height of the financial crisis is the subject of a criminal investigation by the Serious Fraud Office. E&Y said the proceedings were “ill-judged and unsubstantiated”.
BA boss: Osborne has no growth plan
Willie Walsh, the head of British Airways has accused the government of failing with its economic strategy and being “fixated” with immigration.
The Daily Telegraph
Lagarde warns on fiscal cliff
The US needs to raise taxes and cut spending to address the looming fiscal cliff, IMF chief Christine Lagarde said yesterday, warning that anything less would undermine economic confidence.
Ecclestone eyes vodka sponsorship
Bernie Ecclestone has revealed that he is negotiating multi-million dollar sponsorship deals with a vodka brand, which would become the official spirit of Formula One, and a mobile phone operator.
THE WALL STREET JOURNAL
PPR to buy Chinese jeweller Qeelin
PPR is acquiring Chinese fine-jewellery maker Qeelin, the French company’s first Asian label, highlighting the powerful role China is playing in the luxury world.
Skyfall number one at box office Skyfall landed back atop the box office in its fifth weekend in theatres, becoming the highest-grossing film ever released by Sony Pictures. The latest James Bond instalment earned $11m (£6.86m), bringing its cumulative world-wide earnings to $918m.