Goldman Sachs launches UK consumer bank August 23, 2018 Goldman Sachs has soft launched its retail bank in the UK ahead of a full roll out in the next few weeks. Staff were offered access to the Marcus consumer bank and invited to give feedback before it becomes available to the general public. The 149-year-old bank will offer an online savings account to UK customers, [...]
Investors believe the government is failing at Brexit negotiations August 23, 2018 The majority of British investors think the government is doing a bad job at securing a Brexit deal for financial services and almost half think the UK will be poorer after it leaves the European Union. In total 59 per cent of investors feel the government is failing at the negotiations and does not "have their back", [...]
Central and Eastern Europe private equity investment hits record high August 23, 2018 Private equity investment in Central and Eastern Europe saw a year-on-year increase of 113 per cent and hit a record high of €3.6bn (£3.23bn) last year. European investors from outside the region provided 38 per cent of the capital raised, and global backing, driven by US investors, contributed 26 per cent, research by Invest Europe revealed. The [...]
Aberdeen Standard Investments is the latest to launch AI fund August 22, 2018 Aberdeen Standard Investment is the latest company to introduce Artificial Intelligence (AI) technology to help run funds. The Aberdeen Global Artificial Intelligence Global Equity SICSV will use machine learning to identify sources of potential returns. Global Head of Quantitative Solutions David Wickham said: "Recent innovations in AI, combined with rapid advances in computational power, have enabled [...]
Goldman Sachs sells City of London office to Korea August 22, 2018 Goldman Sachs has sold its new City of London European headquarters to South Korea's National Pension Service for £1.7bn. The bank will enter into a 25-year lease on the building in Plumtree Court with a break option after 20 years. Staff will move into the building, which is between Chancery Lane and St Paul's station, in the middle [...]
Credit Suisse freezes £4bn linked to Russia after US sanctions August 22, 2018 Banking giant Credit Suisse has frozen 5.1bn Swiss francs (£4.02bn) linked to Russia following US sanctions. The Zurich-headquartered bank reported in its second quarter results that it had identified impacted client relationships and transactions to ensure compliance. It added that the sanctions compliance group is closely monitoring the developments. Read more: Russia hits out at ‘unacceptable’ US [...]
Playtech boss gets £66k pay rise despite remuneration vote loss August 22, 2018 Gambling software manufacturer Playtech has awarded its chairman a £66,000-a-year secret pay rise months after losing a remuneration vote with shareholders. Chairman Alan Jackson has seen his salary increase from £384,000 to £450,000 a year, Sky News revealed, despite the fact that the company's share price has almost halved over the course of a year. The majority [...]
Service sector profitability at lowest level in four years August 22, 2018 UK service sector profitability was at the lowest level in four years at the beginning of 2018 in a drop that was driven by the struggling high street. The area saw the sharpest decline in a year between January and March this year due to poor general retailer performance, the Office for National Statistics (ONS) said. Profit [...]
60 per cent of asset management firms ‘preparing for hard Brexit’ August 21, 2018 Almost 60 per cent of investment management firms are preparing for a hard Brexit "rather than wait for potential political solutions," new figures reveal. A total of 83 per cent of firms have a theoretical plan to respond to the UK exiting the European Union but only 43 per cent have put plans in action [...]
