Deutsche Bank opts for Barclays, Citigroup and Credit Suisse to be senior bookrunners on its asset management arm IPO, Reuters reports November 11, 2017 Deutsche Bank has chosen Credit Suisse, Barclays and Citigroup to be the senior bookrunners for the flotation of its asset management unit, according to reports. A source close to the matter told Reuters Deutsche Bank had selected the heavyweight lenders to assist the initial public offering, though a spokesman for Deutsche Asset Management declined to [...]
Bakkavor causes confusion by announcing IPO pricing a week after cancelling float November 10, 2017 Bakkavor has caused confusion this morning after announcing the pricing details for an IPO which it said last week would no longer go ahead. The group, which makes prepared foods for supermarkets, said last Friday that it had not received sufficient institutional demand for its proposed offering and that it would not be in the [...]
Theresa May to meet EU business bosses in Brexit charm offensive November 9, 2017 Prime Minister Theresa May will meet EU business organisations on Monday as part of a charm offensive to coincide with the next round of Brexit negotiations. May will tell the business leaders the government is committed to an “implementation period of around two years” after Brexit, 10 Downing Street announced this evening. Firms on both [...]
Deutsche Bank CEO John Cryan hints at thousands of job losses as employees are replaced by tech November 8, 2017 The chief executive of Deutsche Bank has hinted thousands of jobs could soon be cut at the global institution, as technology developments including machine learning slash the need for human workers. John Cryan suggested that tens of thousands of jobs could be eliminated as the bank, which has a hefty investment banking presence in London, [...]
HSBC and Barclays throw weight behind green finance projects November 6, 2017 HSBC and Barclays added their weight to the growing area of green finance today, with separate commitments to environmentally friendly schemes. HSBC today said it will provide $100bn in sustainable financing and investment by 2025, with support for “clean energy and lower-carbon technologies”. Unveiling a series of measures on the environment, HSBC announced it will [...]
FTSE 100 hits another record closing high as commodity prices rise November 6, 2017 A meagre gain of less than two points today was enough for the FTSE 100 to post its second consecutive record close, in spite of a stronger pound. London’s benchmark index closed at 7,562.28 points, a 0.03 per cent gain from Friday’s close. Oil companies and miners were among the leading performers as commodity prices [...]
Challenger bank Aldermore recommends £1.1bn takeover offer from FirstRand | City A.M. November 6, 2017 After a month that has seen its share price rocket, Aldermore finally announced this morning that it would recommend a takeover offer from South Africa’s FirstRand valuing the business at £1.1bn. FirstRand, which with a £15.8bn market value is South Africa’s largest financial services institution, announced in October that it had made an approach to [...]
Queen and US commerce secretary Wilbur Ross among prominent figures featured in Paradise Papers November 5, 2017 A massive trove of leaked legal documents from an offshore law firm has exposed financial arrangements of well known public figures ranging from the Queen to a key member of Donald Trump’s cabinet. The documents, which were obtained by German newspaper Suddeutsche Zeitung and shared with the International Consortium of Investigative Journalists (ICIJ), reportedly contain [...]
Banks must green up their act, for the sake of both planet and profit November 3, 2017 If you watch a TV ad for a UK high street bank these days, they are full of soft focus, half-speed footage of smiling, tanned pensioners vigorously enjoying their retirement, or shots of attractive young families surrounded by nature – all portraying vague notions of stability and future prosperity. But a new report from the [...]
Pound sterling rises as UK manufacturing PMI increased more than expected in October, adding to expectations of an interest rate hike (GBPUSD) November 1, 2017 The UK’s manufacturing output increased more than expected in October, a closely-watched index has shown, adding further fuel to expectations of an interest rate hike tomorrow. IHS Markit’s purchasing managers’ index for the manufacturing industry rose to 56.3 in September, against expectations it would stay flat on last month’s 55.9. Any figure above 50 shows [...]