Goldman Sachs reportedly cuts dozens of investment banking jobs June 1, 2016 Goldman Sachs has reportedly cut dozens of investment banking jobs across its global locations over the past number of weeks. Affected roles included managing directors, executive directors and vice presidents in the mergers and debt and equity capital markets teams, according to a Bloomberg report. The job cuts affected offices in London, New York and Hong [...]
Tyrie writes to regulators over crowdfunding fears June 1, 2016 Treasury Committee chair Andrew Tyrie has raised fears of insufficient regulation around crowdfunding in letters to the chief executives of the Financial Conduct Authority and the Prudential Regulatory. In letters dated 1 June, Tyrie has asked the regulators to question whether they are paying enough attention to the risks associated with the growth of peer-to-peer [...]
Private equity giants storm into MBNA credit card auction June 1, 2016 The auction of credit card giant MBNA is getting crowded as three of the world's biggest private equity firms prepare bids. Cerberus, Cinven, and TPG are considering bidding for MBNA, potentially putting them up against high street banks Lloyds Banking Group and Virgin Money who emerged as likely suitors last week. MBNA has a 11 per cent [...]
City watchdog dishes out £2.4m fine to CT Capital for historic failures to handle its PPI complaints process June 1, 2016 CT Capital has today been slapped with a £2.4m fine by the City watchdog for historic failings in its Payment Protection Insurance (PPI) complaint handling procedures. The Financial Conduct Authority (FCA) issued the £2,360,900 fine in relation to the mishandling of PPI complaints between May 2011 and November 2013, which resulted in customers missing out on redress repayments they were [...]
Donald Trump is coming to visit the UK later this month – and his timing couldn’t be more awkward June 1, 2016 Donald Trump is to visit the UK this month as part of a trip marking the opening of his Scottish golf resort – with pretty awkward timing. Now the presumptive Republican nominee for the US presidency, Trump will visit on June 24 – one day after the EU referendum. City A.M. understands there no plans for [...]
Could champagne hold up TTIP? Francois Hollande has vowed not to sacrifice protected status as part of the deal June 1, 2016 French wines and cheeses could prove to be a sticking point in the Trans-Atlantic Trade and Investment Partnership (TTIP), according to the French President Francois Hollande. The president insisted France will not sacrifice any of its geographically protected labels, which include sparkling wine produced in the region of Champagne, as part of the free trade [...]
London Stock Exchange-Deutsche Boerse merger could lead to 1,250 job losses June 1, 2016 The London Stock Exchange and Deutsche Boerse could cut up to 1,250 jobs if their planned merger goes ahead. The companies are targeting annual cost savings of at least €250m (£194m) in the fifth year after completion of the deal, and €160m in the third year. This is in addition to €450m of annual cost synergies previously announced and expected [...]
UK mortgage lending dropped to its lowest level since the height of the eurozone crisis in April June 1, 2016 Mortgage approvals have hit their lowest level since the height of the Eurozone crisis, according to the Bank of England. Mortgage loans totaled just £281m in April, their lowest level since August 2012, after the hike in stamp duty came into effect at the beginning of the month and buy to let landlords fled the [...]
Graduates expect to earn £28,362 in their first job after university June 1, 2016 As the class of 2016 polish off finals and prepare for graduation, eyes will turn to the prize – that lucrative and hard-earned first foray into the world of work. And this year's graduates – the second cohort to have paid £9,000 a year in tuition fees – are expecting some rather handsome pay packets to [...]