UBS set to cut back on senior management October 31, 2012 SENIOR managers are expected to bear the brunt of job cuts at UBS, industry insiders believe. And the poor recruitment market means many of the 10,000 who will lose their jobs in the next two years are unlikely to get new roles easily. The cuts were announced on Tuesday and 100 London staff were immediately [...]
Andy Haste to join Lloyd’s as deputy chair October 31, 2012 AFTER a short break from the world of insurance, RSA’s former chief executive Andy Haste is planning a return to the sector as deputy chairman of Lloyd’s of London. Haste will begin a three-year term at the UK’s insurance and reinsurance market today, stepping in to succeed Dr Andreas Prindl, who is retiring. He bowed [...]
Greek austerity budget raises new fears of political instability October 31, 2012 THE GREEK government yesterday unveiled its budget, which predicted a worse-than-expected recession in 2013 and halved its forecast for a budget surplus before debt interest payments are taken into account. Chaos marked the budget’s release as Greece’s two biggest unions called a 48-hour anti-austerity strike for 6-7 November. The predictions showed steadily worsening economic prospects [...]
MPs told a full split may push banks from UK October 31, 2012 BANKS could leave the UK if they are forced to fully split their retail and investment arms entirely, former Barclays chief Martin Taylor told MPs and peers yesterday. The member of the Independent Banking Commission, which recommended the two parts of banks be ringfenced, was giving evidence to the Parliamentary Commission on Banking Standards. “Had [...]
Bank’s Paul Tucker stumbles upon a Barclays bonus truce October 31, 2012 IT has become the City’s most wearyingly familiar formula: bank floats pay proposals with investors; investors cry foul; bank showers its largesse on employees regardless; bank suffers revolt at annual meeting. Repeat, year after year. The 2013 bonus round should, at last, provide an antidote to the toxic relationship between Britain’s biggest lenders and the [...]
Businesses question Heseltine growth report October 31, 2012 BUSINESS leaders yesterday continued to digest Lord Heseltine’s government-commissioned report on economic growth, amid concerns that it advocates a return to the state picking winners. Although the former Deputy Prime Minister’s calls for a coherent economic growth policy were broadly welcomed, there were concerns about some details such as a desire to put more restrictions [...]
Yorkshire and Clydesdale hit NAB’s profits October 31, 2012 PROFITS slumped at National Australia Bank (NAB) in 2012, full-year results showed yesterday, as the group’s UK units dragged down earnings. The group made profits of A$4.1bn (£2.6bn) in the year, down 21.8 per cent from A$5.2bn last year. The UK arm – made up of the Clydesdale bank, based in Glasgow, and the Yorkshire [...]
Next increases profit forecast after sales rise October 31, 2012 NEXT yesterday said it enjoyed a pick-up in sales in the third quarter of the year after seeing a slowdown around the time of the Olympics. The fashion and homeware retailer, led by chief executive Lord Wolfson, said stronger sales in late September and early October made up for the “unusually quiet” start to August. [...]
Wolfson’s winter jumpers keep Next hot as M&S plays catch-up October 31, 2012 MY mum used to buy me a jumper from M&S for Christmas every year. Now she goes to Next.” My colleague’s admission may have raised a laugh yesterday, but it’s a telling sign of the changing times on the UK high street. Looking at Next’s upbeat statement – predicting a £15m increase in profit for [...]
Job losses at Manganese Bronze October 31, 2012 ■ Manganese Bronze’s administrator PwC has cut 156 jobs at the struggling maker of London’s black taxis. The majority of jobs were cut at a manufacturing site in Coventry, while other positions have gone at dealerships across the country. PwC is now trying to get to the bottom of a steering box fault that led [...]
