UBS traders shown the door as axe falls in City October 30, 2012 TEN THOUSAND bankers will lose their jobs at Swiss giant UBS over the next two years, the bank revealed yesterday, as the group cuts back on investment banking operations. Over 100 London staff were hit immediately, largely in fixed income units. Yesterday morning the unsuspecting employees were intercepted at the reception of their City offices [...]
A corporatist economic growth plan that won’t rescue UK Plc October 30, 2012 IT is impossible not to like Michael Heseltine. He is an astonishingly successful individual, a great entrepreneur, a passionate speaker who genuinely cares about the poor, and a man who almost became Prime Minister. The tragedy is that while his goals are laudable the means he wishes to use to achieve them are generally deeply [...]
Heseltine calls for power to be devolved to regions October 30, 2012 MICHAEL Heseltine will today call for a swathe of economic powers to be devolved to regional institutions, as he demands “every sinew of our body politic” is stretched in the UK’s fight to remain globally competitive. In March the Conservative peer was commissioned by the government to look at ways of boosting economic growth. His [...]
What the other papers say this morning October 30, 2012 FINANCIAL TIMES Google and Starbucks face grilling Google and Starbucks will be subjected to parliamentary scrutiny over their tax affairs on Monday with the public accounts committee demanding the two US corporate giants give evidence. The committee has agreed to call in the two companies to give evidence at a session into Revenue & Customs [...]
The report’s path to economic growth October 30, 2012 ■ Establish a Prime Minister-led National Growth Council, ensuring all parts of government support growth. ■ Launch an independent body to ensure the Council’s conclusions are fully and swiftly implemented. ■ Introduce a substantial devolution of funding from central government to Local Economic Partnerships (LEPs), based on major regional centres such as Manchester and Birmingham. [...]
Cameron faces large rebellion on EU budget October 30, 2012 DAVID Cameron is today facing the prospect of a substantial backbench rebellion against his stance on EU budget negotiations. Around 40 Tory MPs have already signed an amendment to today’s motion, calling for the Prime Minister to demand a real-term reduction in EU spending. If around 50 Conservatives decide to vote against the government and [...]
UBS swings to loss on a huge goodwill blow October 30, 2012 SWISS bank UBS swung to a loss in the third quarter on costs related to the cuts in its investment arm and a hit from a revaluation of the bank’s debt, according to results published yesterday. The bank lost SFr2.2bn (£1.5bn) in the three-month period, compared with a profit of SFr 435m in the previous [...]
Profile: Andrea Orcel October 30, 2012 WHEN Andrea Orcel left Bank of America Merrill Lynch earlier this year to join UBS as its co-head of investment banking, many in the City believed it was only a matter of time before he claimed the top job, writes David Hellier. Yesterday the Swiss bank announced that Orcel will be leading the advisory functions [...]
Debt business lifts Deutsche Bank’s profits October 30, 2012 IMPROVED investor sentiment and rising market activity pushed Deutsche Bank’s debt incomes up in the third quarter, the institution reported yesterday, contributing to a boom in profits. And the bank plans to continue to grow strongly by seizing market share from Swiss bank UBS, which is cutting back its investment business to focus on areas [...]
Standard Chartered gets close to settling Iran sanction claims October 30, 2012 STANDARD Chartered saw profits rise in the third quarter, according to its update published yesterday, although its progress was slowed by the cost of settling claims made by US regulators that it broke sanctions against Iran. The emerging market specialist recorded “high single-digit” profit growth, knocking its hopes of upping profits by 10 per cent [...]
