New car registrations up as lockdown end nears July 5, 2021 The total number of cars registered grew in June from the same period last year, however new registrations still lag pre-pandemic figures, which raises questions about further growth in the industry. A total 186,128 new cars were registered in June, according the Society of Motor Manufacturers and Traders (SMMT), up 28 per cent on the [...]
US stocks reach record high after strong jobs report July 2, 2021 US stocks hit a record high on Friday after the Labour Department posted better than expected jobs figures. The blue chip S&P 500 gained 0.31 per cent, up to 4,333, while the tech-heavy Nasdaq added 0.43 per cent to hit 14,585, both record highs. US businesses embarked on a hiring spree last month as the [...]
Barclays to up junior bankers’ base pay to $100,000, following Wall Street rivals June 30, 2021 UK bank Barclays is expected to increase base pay for junior bankers to $100,000 amid an exodus of young workers. The pay hike would bring the company’s rates in line with those announced by JPMorgan this week. In April, Bank of America also increased junior banker salaries by up to $25,000. While the changes are expected [...]
UK banks’ profits slashed by more than half June 28, 2021 Big UK banks’ profits have slid by more than half over the last year, according to a ranking of the world’s largest lenders published today. UK lenders included in The Banker’s top 1,000 World Banks 2021 experienced a 53 per cent drop in profits. Losses were attributed to the severe damage the pandemic has inflicted [...]
DeFi defying gravity: risk, reward, hype and FUD June 26, 2021 Alex Lightman walks us through how decentralised finance works, including the risks and trends to look out for.
City Moves: Who’s switching jobs in the Square Mile this week? June 23, 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. Barclays Corporate Banking appoints new head of real estate Barclays has appointed a new head of real estate for corporate banking this week, following the retirement of the former-lead. Jason Constable, [...]
Commercial landlords threaten to sue government over eviction ban extension June 20, 2021 A raft of commercial landlords are considering launching legal action against the government after it extended its business eviction ban until March 2022. The British Property Federation, a lobby group for commercial landlords, is looking at all legal options as there is now an estimated £6bn in unpaid rents throughout Covid-19. Chief secretary of the [...]
JPMorgan, Barclays, Citi and Nomura among banks cleared for €800bn EU bond sale June 18, 2021 Nomura, Unicredit, Credit Agricole, JPMorgan, Citibank, Barclays, Bank of America and Deutsche Bank have been cleared to take part in the EU’s next syndicated debt sale. The proceeds will form the basis for the European Commission’s €800-billion Covid recovery fund, a Commission source told Reuters this afternoon. The Commission is reportedly still assessing whether two [...]
UK retail sales fall in May as Brits swapped supermarkets for restaurants June 18, 2021 UK retail sales fell by 1.4 per cent in May following a sharp increase in April when lockdown restrictions were eased, according to new Office for National Statistics (ONS) data. The monthly drop was unexpected, with economists predicting a 1.6 per cent increase. The largest contribution to the decline came from food stores, where sales [...]
Fintech firm Wise confirms plans for London stock market float June 17, 2021 Fintech favourite Wise has confirmed plans to go public in what will be the first direct listing of a tech firm in London. The payments group, formerly known as Transferwise, said it has been profitable since 2017 and sales hit £421m this year. In 2021 the app moved £54.4bn across borders for 6m customers. The [...]