Uber sizes up to the City in financial services push October 28, 2019 Ride-hailing app Uber has taken a leaf out of the Square Mile’s book, and today revealed a move into financial services. The tech giant has set up a new division within the company called Uber Money, which will include a digital wallet and support for the firm’s debit and credit cards. The debit card is [...]
MPs slam bank IT failures and float higher levies on sector October 28, 2019 MPs have harshly criticised IT failures among some of the UK’s biggest banks as “unacceptable” and recommended that regulators take action to make lenders improve their systems. Read more: TSB returns to growth after IT meltdown A detailed report from parliament’s Treasury Select Committee (TSC) said bigger levies on the financial sector could be used [...]
Can Freshfields’ young guns retain the Magic Circle firm’s private equity crown? October 27, 2019 Freshfields Bruckhaus Deringer’s youthful private equity team are on the frontline of the struggle between UK and US law firms to control the City legal market. The firm has led the European private equity deal rankings for the last three years, seeing off the challenge of both Magic Circle and US rivals. However, the shock [...]
Telegraph managers prepare bid as media group goes up for sale October 27, 2019 Suitors will be starting to line up bids for the Telegraph this week as the billionaire Barclay brothers prepare to sell the newspaper group. A group of former senior managers at the Telegraph are among City figures circling, and are looking for backers to bid for the media group, the Sunday Times reported. Read more: [...]
Brussels postpones Brexit delay decision October 25, 2019 The EU has pushed back the deadline to make a decision on how long a Brexit delay it will offer the UK. But EU leaders have agreed in principle to grant the UK a Brexit extension, the European Commission said today. Read more: The FTSE 100 is trading flat amid Brexit caution The EU’s chief [...]
Synthomer shares slide after profit warning October 25, 2019 Chemicals company Synthomer led the London Stock Exchange’s fallers this morning after a profit warnings pushed down shares. The Polymer manufacturer said today that its annual underlying profits before tax would be lower than market expectations if the current macroeconomic troubles carry on over the next three months. Read more: Why The Apprentice is actually [...]
FTSE 100 trades flat amid Brexit caution October 25, 2019 European markets were flat this morning, with UK traders struggling for direction following four sessions of gains. Uncertainty over the future of Brexit has driven caution in this morning’s session, with the FTSE 100 falling by 0.1 per cent. The Dax is down by roughly 0.1 per cent while the Cac is trading flat. Read [...]
Four things we learned from Barclays results October 25, 2019 Barclays delivered a mixed set of results for the third quarter today, with strong performance in its controversial investment bank outweighed by a massive £1.4bn PPI claims hit. These are the top four takeaways from Barclays results today. Barclays was not expecting PPI ‘avalanche’ Barclays otherwise strong third quarter results were torpedoed by a whopping [...]
Investment banking boost helps Barclays despite £1.4bn PPI charge October 25, 2019 Barclays has confirmed a £1.4bn hit to its balance sheet following a rush of payment protection insurance (PPI) claims. The British bank also warned that a gloomy global economic outlook could make it harder to hit profit targets despite posting a double-digit rise in pre-tax profit for its third quarter today. Read more: Amazon shares [...]
City Moves for 25 October – Who’s switching jobs at Refinitiv, Ratesetter and GCA Altium? October 25, 2019 Today’s City Moves includes Refinitiv, Ratesetter and GCA Altium Refinitiv Financial markets data platform Refinitiv yesterday announced the appointment of Alex Cesar as its new chief technology officer (CTO). Alex will lead the software engineering teams that build, operate and innovate Refinitiv’s strategic data platforms and the core capabilities and requirements that underpin them. Alex [...]