Martin Gilbert: Coronavirus ‘multiple times worse’ than Black Monday for City April 29, 2020 Veteran asset manager Martin Gilbert has warned the economic fallout from the coronavirus pandemic will be “the most dramatic we’ve seen since the 1930s” as he warned of “a long, slow recovery” for certain sectors of the economy. Speaking to The City View podcast today, Gilbert said that though Black Monday in 1987 was a [...]
The City View podcast, from City A.M., with Martin Gilbert April 28, 2020 In this episode Christian talks to City veteran Martin Gilbert on the eve of his departure from Standard Life Aberdeen, the £550bn investment management giant. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Martin founded Aberdeen Asset Management in 1983 and became co-CEO of SLA after a 2017 merger with Standard [...]
British Airways says it could cut 12,000 jobs as global travel slumps April 28, 2020 International Airlines Group (IAG) today said a redundancy consultation at British Airways could lead to 12,000 people losing their jobs. IAG said British Airways is formally notifying its trade unions about a proposed restructuring and redundancy programme. “The proposals remain subject to consultation but it is likely that they will affect most of British Airways’ [...]
FTSE 100 jumps as investors look past dire results to economies reopening April 28, 2020 The FTSE 100 closed at its highest in more than six weeks today as investor sentiment improved on hopes that European economies will soon start to reopen. The blue-chip FTSE 100 index rose 1.9 per cent today to finish at 5,959 points, its highest point since early to mid-March. Traders have been buoyed by the [...]
London pedestrian traffic jumps as UK coronavirus lockdown fatigue sets in April 28, 2020 Pedestrian traffic across the capital jumped last week despite restrictions on movement as UK coronavirus lockdown fatigue began to set in and more people got back to work. In the seven days to 27 April the Central London Streets index was 10.70, down 90 per cent on this time last year but an increase of [...]
R3 boss: Coronavirus is exposing cracks in banking tech April 28, 2020 As banking sectors across the globe grapple with the fallout from the coronavirus pandemic, a Wall Street veteran suggests the crisis may expose the need for new technology. David Rutter, who had a decade-long stint at interdealer Icap and now heads up financial tech firm R3, believes issues like the lending of coronavirus loans have [...]
Remote working: How to keep your team happy in lockdown April 28, 2020 The concept of trust in the workplace has been a topical issue for a few years. The tendency to quickly distrust information has continued to grow against the rise of fake news, making it increasingly difficult for some businesses to develop trust with their employees. Establishing workplace trust has arguably become even more challenging in [...]
HSBC CEO: Applications for coronavirus loans ‘now easier’ to process April 28, 2020 HSBC’s CEO today blamed the sheer demand for coronavirus loans for banks’ apparent slowness to lend out cash to struggling small businesses. Noel Quinn said banks have seen a “significant volume” of applications for the Coronavirus Business Interruption Loan Scheme (CBILS) so far. And he rejected the notion that a full government guarantee of such [...]
Nearly 9,000 coronavirus-related deaths registered in week to 17 April April 28, 2020 Data released today by the Office for National Statistics (ONS) showed 8,758 coronavirus-related deaths were registered in England and Wales in the week to 17 April. This was an increase of 40 per cent on the previous week when 6,213 registered deaths mentioned coronavirus. There were 22,351 deaths registered in England and Wales in the [...]
Ministers in talks with business leaders over return to work strategy April 28, 2020 Ministers have held talks with business groups and trade unions over plans to kickstart the economy once the coronavirus lockdown has been lifted. Business secretary Alok Sharma has chaired a string of meetings with top industry figures in recent days amid concerns many employees will be reluctant to return to work due to health fears. [...]