Bonus round: Take our salary survey to find out how your pay compares to your peers April 15, 2019 How much was your bonus? We want to know. At City A.M., we’re working with salary benchmarking site Emolument.com to track the state of pay across the Square Mile. We’ll compare asset managers to dealmakers and analysts to associates in a bid to paint a picture of the different levels of remuneration among sectors and [...]
Citigroup results: Earnings trump expectations but revenue dips April 15, 2019 Citigroup sent mixed messages to Wall Street this afternoon after posting higher-than-expected earnings as well as declining revenues. Read more: Fearless girl statue comes to London Stock Exchange The New York giant’s share buybacks helped it post earnings per share of $1.87, trumping Refinitiv estimates of $1.80 per share and marking an 11 per cent improvement [...]
Goldman Sachs profits fall 20 per cent in first quarter amid calm markets April 15, 2019 Profits at Goldman Sachs fell 20 per cent in the first quarter with revenues dropping in its trading and equities arms as lower market volatility limited opportunities for gain. Read more: Goldman Sachs fined £34m over transaction reporting failures The Wall Street giant said the US government shutdown, US-China trade tensions, and Brexit had all [...]
Jeremy Corbyn could hit bank profits as hard as a no-deal Brexit, warns Citi April 15, 2019 The election of Labour leader Jeremy Corbyn as prime minister would have as damaging an effect on UK bank profits as a no-deal Brexit, according to a note from investment bank Citi. Read more: Comrade Corbyn’s statist policies would tank the British economy Labour is edging ahead of the Conservatives in the polls, with the popularity [...]
AFME boss Simon Lewis to step down in the autumn after nearly a decade in role April 15, 2019 The boss of the Association for Financial Markets in Europe (AFME) is stepping down in the autumn after nearly a decade in the role. Simon Lewis, chief executive of AFME, which represents European banks, has announced he is leaving the body after deciding not to renew his contract, which comes to an end in October. Lewis [...]
Activist Bramson implores Barclays shareholders for seat on board in new letter April 15, 2019 Activist investor Ed Bramson has once again appealed to Barclays’ shareholders to give him a seat on its board in the run up to the bank’s 2 May annual general meeting. Read more: Barclays launches another attack on Bramson as public tit-for-tat rolls on Bramson’s company, Sherborne Investors, today sent a letter to Barclays shareholders, marking [...]
Brexit will not impact the ability of companies to raise debt, survey says April 15, 2019 Brexit is not a big concern for companies when it comes to their ability to raise debt, a survey published today showed. A survey of senior treasury and finance executives at Ftse 250 companies showed 74 per cent did not think Brexit would have an impact on their ability to raise debt. One Ftse 100 [...]
TSB launches fraud guarantee for customers after last year’s IT crisis April 14, 2019 TSB will tomorrow announce a fraud refund guarantee that means the bank’s 5.2m customers will be covered if they are an innocent victim of fraud. The pledge follows an IT meltdown at TSB last year that saw fraud rise to 70 times its normal level and more than 1,300 customers losing money. Read more: TSB to [...]
JP Morgan beats market expectations for first quarter sending shares surging April 12, 2019 US investment bank JP Morgan beat expectations in its first quarter results today, sending shares up four per cent. The bank, the largest in the US by assets, delivered record revenue and profit figures, boosted by higher interest rates. Revenue in the quarter to 31 March rose 4.7 per cent to $29.85bn (£22.84bn), up from [...]
Labour’s desire for the Bank of England to control UK house prices is disastrous and illogical April 12, 2019 The Bank of England should be responsible for boosting the UK’s productivity, according to the Labour party, which wants Threadneedle Street to dictate how banks lend money to businesses. Under the leadership of Jeremy Corbyn and John McDonnell, Labour also wants to keep RBS nationalised in order to direct its lending; turn Post Offices into [...]