Pfizer-Allergan merger collapse stokes fears M&A bonanza is coming to an end April 6, 2016 The biggest pharmaceuticals deal in history, a planned $160bn (£113bn) merger of US company Pfizer and Ireland’s Allergan, was abandoned today as a result of a US government crackdown on so-called tax inversions. The collapse of the blockbuster deal has stoked fears that last year’s M&A bonanza is coming to an end. Read more: More [...]
Co-Operative Group chief executive Richard Pennycook asks board for salary and pay cut April 6, 2016 Update: This has now been confirmed by the group – all the details are here. Co-Operative Group's chief executive has asked his fellow board members for a pay cut. Richard Pennycook is understood to have requested his basic salary, currently £1.25m, be reduced by a third. He has also asked for his total compensation to be [...]
EY has banked over $500m from the Nortel bankruptcy as legal fees continue to balloon April 6, 2016 NULL
Headhunting startup YapJobs secures £1m in seed funding for expansion across London April 6, 2016 A headhunting startup has raised £1m in seed funding as it prepares to rollout its technology across London. YapJobs, which launched in November last year, focuses on connecting people with jobs in the hospitality and service sectors. Read more: These are the hottest 50 fintech companies (and half are from London The firm said it [...]
US Federal Reserve looks abroad as it finds reasons to hold back on interest rate rises April 6, 2016 A weak global economy and volatility on the financial markets stopped the US Federal Reserve from raising interesting rates for only the second time since the financial crisis last month. Minutes from March’s meeting of the rate-setting Federal Open Market Committee (FOMC), released this evening, showed that even though the US jobs market continued to perform [...]
Warwick business students give London learners a run for their money at SWIFT’s Institute Challenge April 6, 2016 Seven teams of university students have been selected to compete for £15,000 at SWIFT's Institute Challenge, but London could be given a run for their money by rivals from Warwick. The challenge was open to any UK university with an interest in banking. Each student team is required to find a solution that would let a bank’s customer send [...]
City A.M’s London Marathon runner George Reed needs to put his feet up after an injury, but he says he’ll still beat Bank of England boss Mark Carney’s time last year April 6, 2016 George Reed, the self-styled City schmoozer running the London Marathon for City A.M., needs to rest up after suffering a sprain that could affect his performance on the big day. Reed, director at oil and gas recruiter Thorold Dewling, won the chance to run this year's race on behalf of City A.M's drive to raise £1m for cancer charity Maggie's. [...]
Uber adds another ex-government adviser to its team April 6, 2016 Ride-hailing app Uber has added another former government adviser to its staff, with a new addition to its policy team. Guy Levin, who was a government adviser between 2010 and 2014, has joined the company's policy research team, based in Amsterdam. Levin, who is moving from his role as executive director at startup policy group [...]
Cyber shock: Compliance staff perhaps the most likely to steal insider data April 6, 2016 It's always the quiet ones, isn't it? Research seen exclusively by City A.M. suggests that you might want to be keeping a closer eye on your compliance staff when it comes to safeguarding sensitive information. The report by FTI Consulting discovered that 60 per cent of compliance staff would consider taking data belonging to their [...]
Tata will start a formal sales process by Monday for its UK business after Javid hails “constructive and positive meeting” in Mumbai April 6, 2016 Indian steel giant Tata will kick off the formal sales process of the its UK business on Monday its been announced by business secretary Sajid Javid following emergency talks in India. Javid hailed the meeting as "constructive and positive". He yesterday held meetings with steel unions and the only party that's publicly expressed interest in Tata's Port Talbot steelworks, Liberty [...]