How much will cost-cutting at UBS save the bank? October 29, 2012 KIAN ABOUHOSSEIN | JP MORGAN We believe staff reductions are mainly related to fixed income as well as support functions. We estimate the fixed income business has 2,000 front office personnel. So, in our view staff reduction of about 6,000 is more realistic, which would still be nine per cent of employees at the end [...]
Direct Line cuts 70 jobs in top management October 29, 2012 DIRECT Line yesterday announced plans to cut 70 senior management positions as it looks to make substantial cost savings. The insurer said that as a result of the changes Jonathan Davidson, chief operating officer, and managing director Sheree Howard, have “decided to leave the organisation”. The news follows last month’s announcement that it would sack [...]
Brett Williams launches funds to back alternative investments October 29, 2012 FORMER Cofunds boss Brett Williams yesterday launched a new alternative investments business, Old Burlington Investments. The company aims to take advantage of the Enterprise Investment Scheme (EIS), which offers tax breaks to investors in small, unlisted companies. It will initially launch two EIS-focused funds, both run in co-operation with industry investment specialists. The Renewable Energy [...]
Investors set to lose out from new EU rules October 29, 2012 MOST alternative investment managers are unprepared for incoming European regulations, which could leave them unable to offer services to investors from July 2013, according to a PwC study published yesterday. The consulting firm found 85 per cent of managers have not started compliance or implementation programmes to meet the incoming Alternative Investment Fund Managers Directive [...]
Deutsche Boerse blames weak market for cut in revenue target October 29, 2012 GERMAN exchange operator Deutsche Boerse yesterday abandoned its 2012 revenue target after third-quarter revenues dropped thanks to subdued capital market activity. Third-quarter earnings before interest and taxes (Ebit) fell to €245.4m (£197.6m) in the third quarter, down from €333m in the same period a year earlier, the Frankfurt-based stock and derivatives exchange operator said yesterday. [...]
Spain and Italy play down need for rescue cash October 29, 2012 THE LEADERS of Spain and Italy both played down their need for a full bailout yesterday, during a joint conference in Madrid. Speaking alongside Italian technocrat Prime Minister Mario Monti, Spain’s Mariano Rajoy said a rescue package was “not essential at this moment”. “As soon as I think it’s good for the general interests of [...]
Hollande sticks by austerity pledge October 29, 2012 French President Francois Hollande has promised EU partners that France will cut its public deficit to three per cent of national output next year from an estimated 4.5 per cent this year despite stagnating growth. “For the moment we don’t have any reason to think that our targets, which we set in the budget law, [...]
Spanish bad bank discounts assets October 29, 2012 Spanish authorities said yesterday that they would apply steep discounts to property assets transferred into a so-called bad bank and pledged significant returns in a move to lure reluctant investors. The bad bank is a condition for Spain to receive up to €100bn in European aid for crippled lenders in the struggling Eurozone state.
German inflation at two per cent October 29, 2012 German consumer price inflation held steady at two per cent in October, just above the European Central Bank’s target for price stability, preliminary data showed yesterday. On a monthly basis, German consumer prices were unchanged, the same as in September, data released by the Federal Statistics Office showed. The final price data will be published [...]
Spain’s retail sales in record drop October 29, 2012 Spanish retail sales fell at their fastest pace on record in September, diving 10.9 per cent year on year, yesterday’s National Statistics Institute data showed. The drop was the biggest in calendar-adjusted terms since current records began in January 2004, and marked the 27th monthly decline in a row, the Institute said.
