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 [...]
Osborne pledges joint action over corporate tax avoidance November 5, 2012 GEORGE Osborne vowed to clamp down on corporate tax avoidance yesterday, calling for “concerted international co-operation to strengthen international standards for corporate tax regimes”. The chancellor’s statement, delivered in tandem with German finance minister Wolfgang Schäuble at a G20 meeting in Mexico yesterday, came as officials from HM Revenue & Customs (HMRC) were grilled by [...]
HSBC warns bill for laundering may rise higher November 5, 2012 HSBC might have to hike its provisions for US fines for allowing money laundering, the bank said yesterday, as the final cost could rise well above the $1.5bn (£939m) it has set aside so far. Poor controls meant Mexican drug dealers used HSBC – without the bank’s knowledge – to launder money. Chief executive Stuart [...]
Investment bank staff shake up now spreads to Morgan Stanley November 5, 2012 JP MORGAN and Morgan Stanley both changed their top investment banking teams yesterday, while Goldman Sachs added a new director to its board. Morgan Stanley’s Paul Taubman stood down, ending a two-year stint of co-heading the bank’s securities division. Colm Kelleher, the other co-head, is staying in charge of the trading and banking unit. And [...]
