Business confidence down in July but up from start of year July 31, 2011 BUSINESS confidence fell back in July after rebounding in June to a 13-month high, according to the latest Lloyds Bank Corporate Markets Business Barometer. Less than half (46 per cent) of companies were more optimistic regarding economic prospects, a reduction from 51 per cent in June. The number who were less optimistic nearly doubled last [...]
HSBC will cut 10,000 jobs July 31, 2011 HSBC is expected to announce a stagnation in group profits this morning and a massive round of lay-offs that could see 10,000 jobs cuts globally. Analysts expect the bank’s full-year pre-tax profits to be around $11bn (£6.7bn), versus $10.9bn last year. Investec predicts a 14 per cent drop in net profit from $4.4bn in the [...]
Lansdowne sells out of entire £850m Goldman Sachs stake July 31, 2011 HEDGE fund Lansdowne Partners has sold its $850m (£517m), stake in Goldman Sachs, amid fears that increased regulation in the US could stunt the investment bank’s proprietary trading arm. Lansdowne has sold almost 5m shares in Goldman – just under one per cent of the bank’s total share capital – having previously been one of [...]
Prudential hopes bumper profit will help investors forget AIA July 31, 2011 PRUDENTIAL is set to increase its half-year dividend to 7.95p when it announces robust results later this week. The firm will hope bumper profits of around £970m will help investors move on from its collapsed £22bn bid for rival AIA last year. The second quarter results will build on a strong performance in Pru’s first [...]
LSE’s Rolet warns of shift in power from UK to Europe July 31, 2011 THE proposed merger between Deutsche Borse and the NYSE Euronext could jeopardise London’s position as a global finance hub, according to London Stock Exchange (LSE) boss Xavier Rolet (pictured). Rolet told the Financial Times he fears foreign financial centres could become more prominent in the investment decision-making process. He warned that the threat of power [...]
Job cuts show bonus benefits July 31, 2011 THE announcement that Credit Suisse is to cut 2,000 jobs follows an accelerating trend of redundancies in the banking industry, with some commentators speculating the total job losses across the sector could total over 50,000 this year. Many will arise as banks reassess business models in the light of changes to the economic climate and [...]
Bleak outlook for UK pensions July 31, 2011 PRIVATE sector workers are facing a bleak retirement under current UK schemes, with up to 14m private sector workers facing the prospect of receiving a pension much smaller than the generation above them, a report into the sector will say today. The Workplace Retirement Income Commission (Wric) says that the results of its call for [...]
Demand for new staff down in July July 31, 2011 DEMAND for new staff dropped in July, with banking jobs continuing their five month decline from February’s high point, according to today’s Reed Job Index. The index fell three points from June’s figure of 125, with sectors including accountancy, financial services and customer service all contributing to the overall decline. Retail jobs, however, bucked the [...]
Regulation is hitting UK competitiveness July 31, 2011 MORE than a third of executives working in the UK’s financial services sector are worried that the increase in regulation since the financial crisis is harming the country’s competitiveness. Thirty-six per cent of senior employees said that the Financial Services Authority’s (FSA) regulatory clampdown was a threat to the UK’s ability to compete on the [...]
Switzerland and Germany in tax deal July 31, 2011 Switzerland and Germany will sign a deal to regularise untaxed money stashed in secret Swiss bank accounts on 10 August. Swiss banks are likely to have to pay an up-front advance payment to the German government, which will only be reimbursed if their clients pay back-taxes they owe to the German authorities. In future, the [...]
