No end in sight for Crossrail fiasco as budget overshoot could surpass £1bn September 2, 2018 Crossrail's budget overshoot could surpass £1bn as the flagship project works towards a new 2019 deadline. Last week it was confirmed that the £15.4bn Elizabeth Line, which stretches from Reading and Heathrow in the west to Shenfield and Abbey Wood in the east, has been delayed by almost a year over safety issues and will now [...]
Job cuts loom as Ford gears up for major business redesign September 2, 2018 Analysts at Morgan Stanley have predicted that car-maker Ford is preparing to axe around 24,000 jobs as part of major redesign of its European business. The Sunday Times reported that the car giant could axe up to 12 per cent of its global workforce across European outposts in the UK, Spain and Germany. The newspaper [...]
Former O2 boss in running for top role at BT September 2, 2018 The former boss of O2 is in the running to take replace Gavin Patterson at BT, the Sunday Telegraph reported. Ronan Dunne, who joined telecoms giant Verizon two years ago after more than a decade in senior roles at O2, had discussions with BT while spending time in Britain recently, sources told the paper. Dunne [...]
Tory MPs ramp up opposition against Theresa May’s Chequers proposals September 2, 2018 Prime Minister Theresa May is facing mounting opposition from her own MPs as Tory backbenchers ramp up their campaign against her Chequers proposal. Yesterday former Brexit secretary David Davis confirmed he would join rebels and vote against any deal based on May's Chequers plan, under which the the UK would remain closely aligned with the [...]
Sports Direct boss Mike Ashley could face a shareholder revolt this week at its annual general meeting September 2, 2018 Sports Direct boss Mike Ashley could face a shareholder uprising at the retail giant’s annual general meeting (AGM) on Wednesday. Influential shareholder advisory groups ISS and Glass Lewis have both urged investors to vote against Mike Ashley’s re-appointment as chief executive and have also come out against chairman Keith Hellawell. Ashley, who is currently struggling [...]
Exclusive: Asian buyer nears £425m deal for Commerzbank HQ September 2, 2018 Commerzbank’s London HQ is set to be sold in a deal worth almost £500m to an undisclosed Asian buyer later this week, City A.M. understands. An agreement for 30 Gresham Street, which was put on the market by Samsung Life Insurance earlier in the summer, is reportedly nearing its final stages, as the burgeoning Asian demand [...]
RBS chief warns it may have to turn away customers in event of no-deal Brexit September 2, 2018 Royal Bank of Scotland’s chief executive Ross McEwan said the bank may have to turn away business customers if there is no Brexit deal. The bank has sent 150 staff to Amsterdam to set up a new entity to act for its European customers in the event of a no-deal Brexit. "We're having to put [...]
Labour antisemitism row is reaching crisis point as talk of a split intensifies September 2, 2018 Labour's antisemitism row has dragged on all summer. The party had hoped it would be over by now. Instead, over the weekend, things notched up a level. A former chief rabbi, Jonathan Sacks, said British Jews were considering leaving the country over a new threat posed by the Labour party "within living memory of the [...]
Gourmet Burger Kitchen latest restaurant chain to hire restructuring experts September 2, 2018 Gourmet Burger Kitchen has hired restructuring advisers as it falls prey to a slump in high street dining. The Famous Brands-owned restaurant chain, which has more than 100 sites, has recruited Deloitte in a bid to secure rent reductions and cut deals with landlords. A company voluntary arrangement (CVA), a procedure that allows companies in [...]
HSBC goes on hiring spree for new digital business banking initiative September 2, 2018 HSBC has hired more than 100 new staff to work inside its Aldwych offices on Project Iceberg, an internal digital initiative to revamp its small business banking effort and to counteract competition coming in from Shoreditch’s fintech stars. A source familiar with the matter told City A.M. the bank has chosen to innovate on its [...]