CITY MOVES | WHO’S SWITCHING JOBS March 14, 2012 May Gurney May Gurney, the support services business, has appointed Mark Hazlewood group finance director. He joined May Gurney in November 2010 as group corporate development director and led the successful acquisition of both Turiff and TransLinc. He has also held interim responsibility as finance director of the group’s regulated services division. Hazlewood previously worked [...]
It’s not just lawyers who prosper in law March 14, 2012 LAW is bigger business than ever. Freshfields employs 5,000 people and has twenty-seven offices in sixteen countries. Linklaters also has twenty-seven offices in twenty countries. Its revenues in 2010-11 were £1.2bn. Of course, this is good news for lawyers. But non-lawyers work for law firms too. Of Freshfields’ 5,000 staff members, 2,000 are business services [...]
JOBS of the WEEK March 14, 2012 Litigation solicitor Central London £70k-£90k An international law firm needs a litigation and dispute management solicitor to join its offices in London. The successful applicant will have extensive experience, acquired at a recognised City practice. www.cityamcareers.com/job/6991 Compliance director Central London £80k-£100k, plus bonus A leading global services company needs an experienced compliance professional to provide [...]
Departing Goldman banker slams “rip-off” culture March 14, 2012 A Goldman Sachs banker has launched a withering attack on the bank in a newspaper column announcing his resignation, saying that several managing directors at the Wall Street firm had referred to their own clients as “muppets”. In an opinion column for Wednesday’s New York Times, Greg Smith, who worked in equity derivatives, said Goldman [...]
Cathay Pacific profits plummet March 14, 2012 Cathay Pacific Airways, Asia’s fourth largest airline, posted a bigger-than-expected 61 per cent drop in 2011 net profit today, amid high fuel costs and a slowing global economy, and warned of a more challenging year ahead. The firm reported an annual net profit of HK$5.5bn, down from a record high of HK$14.05bn in 2010 which [...]
Britain considers issuing 100-year government bonds March 14, 2012 Britain could start selling 100-year and perpetual bonds, Treasury sources said on Tuesday, as ministers seek to lock in current low market interest rates to reduce the future costs of servicing the government’s debt burden. The Debt Management Office will launch a consultation alongside next week’s budget to gauge the appetite for super-long bonds of [...]
UK unemployment rises by 28,000 March 14, 2012 UK unemployment rose by 28,000 to 2.67m in the three months between November and January, meaning that 8.4 per cent of the economically active population are without a job, figures from the Office of National Statistics show. Meanwhile youth unemployment rate rose to a record high of 1.042m in the three months to January, taking [...]
WALL STREET PASSES CRUCIAL STRESS TEST March 14, 2012 But Fed says Citigroup, Ally, MetLife and SunTrust are barred from joining in dividend bonanza THE FEDERAL Reserve paved the way for a multi-billion dollar dividend bonanza last night by passing 15 banks in its latest stress tests, allowing them to return cash to shareholders. The US central bank said most of the largest American [...]
Angry banks hit out at Fed March 14, 2012 THE THREE US banks and an insurer that failed Federal Reserve stress tests last night signalled the start of a battle with the regulator. MetLife, the largest life insurer in the US, led the criticism after it was denied permission for a $2bn (£1.27bn) share buyback and a 49 per cent increase in its annual [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 14, 2012 FINANCIAL TIMES CAR LOANS SPEED UP AT CLOSE BROTHERS Close Brothers has reported strong growth at its banking arm in the six months to 31 January, but profits were held back by its securities and asset management divisions. Profits at the banking division have grown since the start of the financial crisis, as it expanded [...]