Wall Street dragged down by sinking Amazon shares July 30, 2021 US stocks fell sharply on Friday morning driven by shares in Amazon sinking after the EU slapped the firm with a record fine. The blue-chip S&P 500 dropped 0.51 per cent, while the Dow Jones and the Nasdaq 0.36 per cent and 0.66 per cent respectively. Shares in Amazon sunk as much as 7.1 per [...]
NatWest notches up £2.5bn in ‘resilient’ first half, as lending rises July 30, 2021 NatWest roped in some 2.5bn in operating profit before tax in the past six months, swinging from a loss of £770m in the first half of 2020. The British bank’s net lending rose by £2.2bn to £362.7bn in the six months to 30 June, while UK and RBSI retail and commercial businesses pushed lending to [...]
US stocks climb to record high on positive economic growth July 29, 2021 Wall Street climbed to record highs on Thursday as investors piled into stocks after new figures revealed the US economy is recovering quickly from the Covid crisis. The S&P 500 hit record levels in opening trading, but scaled back to rise 0.53 per cent to 4,424 during the morning session. Likewise, the Dow Jones and [...]
Morgan Stanley boosts pay for junior bankers worldwide July 28, 2021 Morgan Stanley has raised base salaries for entry-level bankers in its investment banking and global capital markets division, following in the footsteps of Wall Street rivals. The US Investment bank has hiked base pay to $100,000 for first-year bankers and a minimum of $105,000 for second years, according to people with knowledge of the matter. [...]
City Moves: Who’s switching jobs in the Square Mile this week? July 28, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Environmental Agency chair joins Green Finance Institute board The Green Finance Institute (GFI) has posted the chair of the UK’s Environmental Agency as its new interim chair, following the death of its founding chairman Sir Roger [...]
Barclays UK assets hit £219bn as easing lockdown sees fewer loan costs July 28, 2021 Barclays UK assets have hit £219bn in the past six months as lockdown measures have eased, allowing for fewer loan costs. The bank’s UK division pulled in a total income of £3.2bn, which was up one per cent in comparison to last year but was partially offset by its operating expenses of some £2.1bn. Shares [...]
Senior management redundancies spike in the wake of Brexit July 26, 2021 Structural changes to the financial services sector following Britain’s exit from the EU has led to a spike in redundancy rates for senior managers. Research from Fox & Partners indicates a nine-fold increase in senior management redundancies. Last year saw 559 senior managers in the sector lose their jobs, up from 61 the year before. [...]
FTSE 100 in the red ahead of key week of corporate results July 26, 2021 The FTSE 100 started the week in the red this morning as energy and banking stocks dragged down the index. London’s premier market was down 0.4 per cent after two hours of trading, with the FTSE 250 faring little better at 0.2 per cent down. The slide comes ahead of a week stuffed with corporate [...]
Thousands of websites including Amazon, UPS, HSBC, BA, Airbnb and HBO hit in major global outage July 22, 2021 A major server outage brought down thousands of websites across the UK, US and around the world, including HSBC, Barclays, American Express, Delta Airlines, Tesco Bank, alongside the PlayStation Network, Airbnb and Waitrose, as well as ITV and TSB. British Airways was also down. A message on the BA website read: “Service Unavailable – DNS [...]
Barclays appoints Ingrid Hengster as Germany head July 22, 2021 Barclays announced the appointment of Ingrid Hengster as country chief executive for Germany and global chairman of investment banking. Hengster joins from KfW, the German state-owned investment and development bank, where she held the role of executive board member since 2014. “The almost eight years at KfW were very rewarding because I had the opportunity [...]