Deutsche Bank bonus pool shrinks to €2.4bn in 2015 after losses March 11, 2016 Deutsche Bank employees' bonus pool shrank to €2.4bn in 2015 after the bank was hit by the double whammy of massive losses and market volatility. The bank's annual report, published this morning, showed variable compensation fell from €2.7bn last year. Meanwhile, the number of full-time staff at the lender rose from 98,138 to 101,104 – [...]
Libor scandal: Two former Rabobank traders sentenced for offences related to manipulating Libor in the US March 11, 2016 Two former traders late last night were handed prison sentences in the US for offences related to Libor fixing. Anthony Allen, Rabobank's former global head of liquidity and finance, and Anthony Conti, a former senior trader on Rabobank's money markets desk, are the first people in the US to face trial and be charged for [...]
European Central Bank boss Mario Draghi is not blind to the circling sharks March 11, 2016 There is a point in Team America, Trey Parker’s epic puppet parody, when UN inspector Hans Blix is trying to convince Kim Jong Il to let him conduct a thorough search for nuclear weapons. “Let me see your whole palace – or else!” says Blix, to which the North Korean despot replies: “Or else…what?” “Or [...]
City Moves for 11 March 2016 | Who’s switching jobs March 11, 2016 BLM Risk and insurance law business BLM has announced the appointment of abuse claims expert Sharon Moohan. Sharon joins BLM’s abuse claims team having overseen €953m (£743m) of redress payments in her role as sole solicitor for the Irish Residential Institutions Redress Board. The board was set up in 2002 to make fair and reasonable [...]
Algy Cluff warns George Osborne must cut taxes and says there needs to be more drilling in the North Sea March 11, 2016 Oil baron Algy Cluff is warning of dire consequences for Britain’s energy future, unless the government takes swift action. Cluff, who pioneered exploration in the North Sea in the 1970s, has added his voice to a growing number of industry figures urging chancellor George Osborne to make significant tax and rebate concessions in his Budget next [...]
BCC cuts UK economic forecasts in “wake-up call” as global backdrop darkens March 11, 2016 The British Chambers of Commerce (BCC) has cut its forecasts for UK economic growth in a "wake up" call to policymakers against a darkening global backdrop. The BCC chopped its estimates for UK gross domestic product growth from 2.5 per cent to 2.2 per cent in 2016, from 2.5 per cent to 2.3 per cent [...]
House prices: Mortgage lending jumps in February as landlords make last sprint ahead of April stamp duty hike March 11, 2016 The rush to beat April's stamp duty surcharge on second homes continued to fuel record high levels of lending in February. House purchase approvals reached 72,799 in February, up 17.4 per cent on the same month last year and the second highest monthly figure since January 2014, according to figures released today by UK chartered surveyor e.surv. This was [...]
Euro rebounds: Mario Draghi warns euro inflation will stay negative for “several months” and European Central Bank cuts deposit rate and expands quantitative easing March 10, 2016 European Central Bank (ECB) chief Mario Draghi has suggested inflation in the Eurozone will stay negative for "several months" – but added that the bank is "not short of ammunition" to bring it back up to target. At a press conference after the bank announced it was slashing key rates, Draghi said he expected inflation to pick up to 0.1 per cent in [...]
US justice department files iPhone encryption case response, accusing Apple of creating “barriers” against FBI March 10, 2016 The United States Department of Justice has filed its latest response to Apple in the legal fight over iPhone encryption. In the document, filed today, the DOJ wrote: "Here, Apple deliberately raised technological barriers that now stand between a lawful warrant and an iPhone containing evidence related to the terrorist mass murder of 14 Americans. [...]
Rolls-Royce announces plans to cut 150 more senior manager positions March 10, 2016 Rolls-Royce today announced plans to cut another 150 senior manager positions. The engineering company has cut 50 senior managers in recent months, and it aims to cut around 400 out of 2,000 positions in the coming years as part of an effort to save between £150-200m. The overall workforce of Rolls-Royce is just over 50,000. More [...]