Morgan Stanley chief exec says the bank may have to move staff to the continent following Brexit vote July 20, 2016 Morgan Stanley's chief exec has said the bank will relocate some of its UK staff following the Brexit vote. James Gorman said today the UK's decision to depart from the EU likely meant the bank would need to set up a headquarters in continental Europe, which would mean some jobs would be shifted. However, Gorman [...]
Why challenger banks see Brexit as an opportunity July 20, 2016 A group of challenger banks has written to the Treasury select committee to shine a light on the opportunity Brexit brings to cut banking red tape. The letter, which is signed by the chief executives of Aldermore, Charter Savings, Hampden and Co, Metro Bank, OneSavings Bank, Secure Trust Bank and Shawbrook, is dated 30 June. However, [...]
New City watchdog chief thinks he’s got some work to do, and the Brexit vote hasn’t helped July 20, 2016 The new boss of the City watchdog has today revealed he thinks he has his work cut out for him. Speaking in front of the Treasury Select Committee, Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), said "the place needs to be run effectively and tightly". "It's an organisation that has taken a battering," [...]
Women have some catching up to do with their pension pots July 20, 2016 Ladies are lagging behind gentlemen in the retirement savings stakes, research out today has found. The study by Aegon UK found a mere 10 per cent of women are prepared for retirement, compared with 14 per cent of men. Women's pensions pots look particular measly in comparison to men's, with women having £20,000 stashed away on average [...]
Morgan Stanley profits and revenues slide but shares rise as investors still impressed July 20, 2016 Morgan Stanley failed to bring home the bacon in its most recent quarter, after it revealed today that both profits and revenues had failed to meet last year's standards. The figures The banking behemoth reported net income for the three months to June of $1.6bn (£1.2bn), down 12 per cent compared with $1.8bn the year [...]
The strength of the UK’s legal eagles heightens need for favourable Brexit deal July 20, 2016 Five successive years of growth in the legal sector increases the need to secure the best business deal possible in Brexit negotiations, a study out today argues. The research by TheCityUK found gross fees for UK-based legal services firms had risen by 1.3 per cent to £30.9bn in 2014-15, while the sector contributed £25.7bn – or 1.6 per cent of GDP – [...]
Embrace culture to boost your business, new report tells the boardroom July 20, 2016 Boardrooms need to focus their efforts on instilling the right culture to protect their business interests and boost their bottom lines, a report out today argues. Based on discussions with chairmen, chief executives, investors and stakeholders, the research from the Financial Reporting Council (FRC) made seven key observations which needed to be acknowledged to improve [...]
Everything that glitters is Goldman Sachs, as profits surge for the three months to June July 19, 2016 Goldman Sachs triumphed over all expectations today, reporting a surge in profits for its most recent quarter. The figures The US banking giant reported net earnings for the three months to June of $1.8bn (£1.4bn), a massive 74 per cent increase on just over $1bn the year before and a 61 per cent increase from $1.1bn in the [...]
How we’ll legally leave the EU: Article 50 case to be heard in October July 19, 2016 A case brought to challenge how Article 50 will be triggered is due to be heard by the courts in mid-October. No precise date was set in a hearing at the High Court today, but the judges said it was probably to be before 15 October. Sir Brian Leveson, who was one of the judges [...]
Businesses want government to sort out the apprenticeship levy, finds new research July 19, 2016 A rethink of the incoming apprenticeship levy ranks high on businesses' wishlist for Theresa May's new government, research out today has found. In the study of nearly 500 organisations by the Confederation of British Industry (CBI) and Pearson, just under half (45 per cent) said the levy's current guise would force them to put up prices or accept reduced [...]
