FCA looks to clean up its act amid ‘shameful’ office mess November 12, 2019 The City watchdog found itself in the spotlight today amid tales of overflowing bins, booze and messy toilets at its HQ. A letter from the FCA’s operating chief, seen by the Evening Standard, detailed the “shameful” situation which included “defecating on the floor in toilet cubicles” and “leaving alcohol bottles in sanitary bins”. Read more: [...]
Major shareholder piles pressure on Deutsche Bank chairman November 12, 2019 Deutsche Bank’s chairman is reportedly coming under increasing pressure from some of the lender’s largest shareholders to step aside. Paul Achleitner is facing calls to be replaced in the latest blow to the embattled bank’s management team, according to the FT. Read more: Deutsche Bank losses widen amid major restructuring effort Private equity group Cerberus, [...]
BofA Merrill Lynch survey: The bulls are back as investors feel the FOMO November 12, 2019 The bulls are back, according to a closely-followed investor survey showing a wave of renewed optimism over the health of the world economy. A “fear of missing out” and fading recession concerns have prompted bullish fund managers to move away from cash and back into stocks in their masses. Read more: World’s wealthiest investors forecast [...]
World’s wealthiest investors forecast a turbulent 2020 November 12, 2019 The world’s super rich are bracing themselves for a rocky year ahead, with many high net worth investors holding cash in their portfolios as a result. Almost four in five wealthy investors think that markets are heading towards a period of higher volatility. Read more: Billionaire boom slows down as uncertainty takes a toll Wealthy [...]
Revolut hopes to win round cynics with heavyweight hires November 12, 2019 Fast-growing fintech firm Revolut will confirm today the worst kept secret in the City; Martin Gilbert, the asset management titan, is to become its new non-executive chairman. The move – unsurprising though it may be – is a stark reminder of the startup company’s ambitions to become a global bank. In the last six months [...]
JP Morgan CEO Jamie Dimon says wealth gap is ‘huge problem’ November 11, 2019 JP Morgan boss Jamie Dimon has admitted there is a “huge problem” with the wealth gap in the US, wading into the debate over income inequality after facing heat from Democratic frontrunner Elizabeth Warren. The Wall Street titan told CBS that “the wealthy have been getting wealthier too much in many ways”, but he remained tight-lipped when [...]
Walgreens Boots Alliance shares rise on reports of KKR buyout interest November 11, 2019 Shares in Walgreens Boots Alliance jumped in early trading today amid reports that KKR has approached the drugstore giant about taking it private. Read more: KKR to target record $15bn in Asia-focused buyout fund Private equity firm KKR is preparing a proposal to buy out shareholders of Walgreens Boots in what could be the biggest [...]
Credit Suisse promotes veteran to boost ailing investment banking unit November 11, 2019 Credit Suisse is hoping to give its embattled investment banking arm a new lease of life after appointing a company veteran to take charge. David Miller, who currently serves as the Swiss bank’s global credit boss, is set to take over as the chief of its investment banking and capital markets unit. A quiet market [...]
Hong Kong regulators fine UBS £40m for a decade of overcharging November 11, 2019 UBS has been slapped with a HK$400m (£40m) fine from Hong Kong regulators for overcharging thousands of clients. The Hong Kong Securities and Futures Commission (SFC) said today that the Swiss banking giant charged too much in fees for some of its clients between 2008 and 2017. Read more: TSB facing heavy criticism after investigation [...]
Retailers are hoping for a Christmas miracle November 11, 2019 The crucial Christmas trading season was once relished by high street bosses hoping to fatten their profits before the New Year. But so troubled is the sector that the once ‘Golden Quarter’ of retail has lost much of its shine, being viewed today by many executives as a way of raking in just enough cash [...]
