City facing new jobs bloodbath November 5, 2012 THE NUMBER of jobs in the City is set to hit a 20-year low as London firms continue to lay off staff in the face of ongoing economic turmoil. City A.M. has been given exclusive access to figures from the Centre for Economics and Business Research (CEBR) – and the prognosis for London’s financial services industry [...]
America votes in historically tight election November 5, 2012 VOTING is underway in one of the fiercest US elections in history, with the race likely to come down to whichever candidate’s voters turn out on the day. Neither competitor holds a clear lead: Barack Obama has the edge by 48 per cent to 46 in the final Reuters/Ipsos poll but Mitt Romney led in [...]
Bonuses of top execs fall 4.9pc November 5, 2012 FTSE 100 directors have seen their bonuses crash over the last year, according to new figures released this morning. Bonuses are down 4.9 per cent in the last year for directors on the boards of the top 100 companies on the FTSE, Incomes Data Services (IDS) unveiled today. Pay growth was narrowly above the rate [...]
City jobs bloodbath shows that backlash has gone too far November 5, 2012 IT is time to start worrying about London’s financial and business services industry. The City is in crisis, with job cuts spiralling out of control. As we report on our front page, City-style jobs – investment banking, securities, corporate finance, trading, research, derivatives and forex, fund management (including hedge funds and private equity), insurance and [...]
What the other papers say this morning November 5, 2012 FINANCIAL TIMES Italian police seize castle in tax probe Italian police have confiscated €65m of assets, including a 15th century castle, from the Marzotto family for suspected tax evasion connected to the 2007 sale of the Valentino fashion brand. The Marzottos are under investigation over the €2.6bn sale of Valentino and its Hugo Boss subsidiary [...]
City job losses due to fall in trading volume November 5, 2012 TODAY’S prediction that the number of City jobs will continue to fall can be directly linked to a recent collapse in trading activity on the London markets. Despite signs of green shoots elsewhere in the economy the City continues to struggle, causing many leading firms to re-examine their cost bases according to the Centre for [...]
UK services in slowest growth for 22 months November 5, 2012 THE UK SERVICE sector made a weak start to the fourth quarter, falling to its slowest rate of growth in nearly two years, according to a business survey out yesterday. Analysts said the sharp slowdown added to the likelihood that GDP will move back into contraction in the fourth quarter, and could boost the case [...]
Former City stockbroker is sent down for defrauding investors November 5, 2012 A FORMER City broker was locked up for 13 years yesterday after defrauding investors out of millions of pounds to finance his “lavish” lifestyle. Nicholas Levene, 48, lost an estimated £32m of investors’ money between 2005 and 2009 after diverting funds given to him by investors into his own accounts. Levene used £18m of the [...]
UK Coal hews out a deal to dilute owners November 5, 2012 SHAREHOLDERS in UK Coal, the biggest coal mining firm left in Britain, yesterday accepted plans to dilute their ownership of the company in a bid to save the firm and their investments. UK Coal investors, including Peel Holdings, UBS and Pelham Capital, unanimously backed plans to isolate the mining part of the business and spin [...]
UBS’s top tier shaken up by new boss Orcel November 5, 2012 UBS has shaken up its investment bank management just days after the Swiss bank revealed it is winding down its fixed income operations and cutting 10,000 staff. New investment boss Andrea Orcel has led the reshuffle, months after joining from rival Bank of America Merrill Lynch. Orcel has shifted former co-head of the advisory business [...]
