JP Morgan boss defends record August 13, 2012 JP Morgan chief executive Jamie Dimon has admitted that his initial response to the London Whale derivatives losses was “stupid”, but has played down the impact on the bank’s bottom line. He said in an interview with New York Magazine that “the Whale has been harpooned” and that JP Morgan has “crossed the t’s and [...]
PwC hit with RSM Tenon probe August 13, 2012 Professional services firm PwC faces an investigation from the accounting regulator over its handling of RSM Tenon Group’s 2010 and 2011 audits, the Financial Reporting Council announced yesterday. The Accountancy and Actuarial Discipline Board will probe the conduct of PwC and other members of the Institute of Chartered Accountants in England and Wales (ICAEW) over their [...]
Man Utd shares are propped up, claim analysts August 13, 2012 MANCHESTER United shares closed up yesterday, having traded consistently above their reduced float price, despite widespread claims that the shares were grossly overvalued. The footballing giant’s IPO opened on a valuation of $14 on Friday, down from an initially planned $16 to $20 range, but analysts at PrivCo reckon shares are worth less than $5 [...]
Economists reduce forecasts to predict a worldwide slowdown August 13, 2012 GROWTH will brake sharply throughout the world in the coming years, a widely-regarding economics consultancy announced this morning. Even fast-growing emerging economies will be hit by the weakening global situation, the Centre for Economics and Business Research (CEBR) said. China, where GDP growth was in the double figures for much of the last decade, will [...]
Treasury MP calls for new taxes on Google and other web firms August 13, 2012 A TREASURY select committee MP yesterday demanded a new tax on firms including Google and Facebook that channel funds out of the UK to avoid corporation tax. Labour MP John Mann told City A.M. that members of the committee were “increasingly concerned” about tax avoidance and suggested a “transmission tax” on the revenue that firms [...]
Stagnant jobs market dents Michael Page August 13, 2012 STAGNATION in the British job market is here to stay, according to the head of recruitment firm Michael Page International, who yesterday announced a slump in half-year profits at his firm. “Things don’t seem to be getting any better,” chief executive Steve Ingham said. “Our strongest region continues to be Asia-Pacific – we ended the [...]
Which warns banks not to start charging for current accounts August 13, 2012 CONSUMER groups yesterday warned that banks’ customers could be badly ripped off if the popular “free banking” model of current accounts is scrapped. Incoming Barclays chairman Sir David Walker revealed he “in principle” favours charging customers for current accounts, joining FSA boss Lord Turner who believes the system prevents new banks entering the market. Providing [...]
A big bet on emerging markets risks leaving nowhere to turn August 13, 2012 EMERGING markets are a tricky beast. Michael Page has hardly been following a controversial strategy in pursuing their promise. It has, on paper, invested to expand its global recruitment business where long-term growth potential was generally agreed to look the best – and given the economic situation in the UK, that could still seem a [...]
Investors recoil on Julius Baer asset purchase August 13, 2012 JULIUS Baer, the Swiss wealth manager, saw its shares plunge 7.4 per cent yesterday after announcing a new SFr750m (£490m) rights offer to help fund its purchase of Merrill Lynch’s non-US assets from Bank of America. The firm will buy Merrill’s international wealth management firms for 1.2 per cent of the value of assets under [...]
Barclays hits back at care home critics August 13, 2012 THE WAR of words between Barclays and Guardian Care Homes (GCH) intensified yesterday as the firm accused the bank of “intimidation” in its legal wrangling. Barclays is accused of mis-selling interest rate swaps to GCH – a claim it staunchly denies, arguing the firm is large and sophisticated, and understood exactly what it did. “This [...]
