As a beleaguered Deutsche Bank faces a $14bn fine, Angela Merkel has ruled out state aid, but could a bailout be on the cards? September 27, 2016 Recent discussion of possible European bank bailouts has focused on Italy. Saddled with €360bn of souring loans and enfeebled by a stagnant, over-regulated economy, a number of Italian lenders face a very real risk of insolvency. In July, the country’s third largest, Monte dei Paschi di Siena, failed a stress test set by the European Central [...]
Doom and gloom for European banks as Deutsche drags down sector September 26, 2016 Deutsche Bank cast an ominous shadow over the banking sector today, after fresh doubts over the German giant's capital position emerged, prompting investors to take flight across the sector. Investors panicked that government patience for bailouts had run dry and Deutsche Bank's share price closed down 7.5 per cent at €10.55, its lowest level since [...]
UK’s small businesses waste one day a year taking cash to the bank September 26, 2016 UK SMEs spend 26 hours a year travelling to make cash deposits, research out today has found. Total average time spent making deposits has led to the loss of 93m hours across all UK SMEs, with one fifth (18 per cent) having to shut up shop during trading hours to do so, placing pressures on [...]
Optimism pervades as Opec prepares to meet in Algiers September 26, 2016 A wave of optimism swept through global oil markets this morning as the world's biggest producers prepare to meet on the sidelines of an international conference in Algeria later this week. Positive comments made by the country's energy minister helped send Brent crude, the global benchmark, up as much as 1.15 per cent to $46.42 per barrel. [...]
Telefonica calls up bankers for O2 market float September 25, 2016 Telefonica, the Spanish owner of mobile network O2, has stepped up plans to float the business in London. It’s appointed a top team of investment bankers, with Barclays leading the deal. UBS and Morgan Stanley will also be working to sell O2 to investors, with a fourth bank expected to be named in shortly. Read [...]
Brexit and the City: Here are the names you need to know September 25, 2016 As rumours circulate that Article 50 could be triggered towards the start of next year, many in London are more than a little curious as to what the City will look like post-Brexit and who will be fighting to keep their best interests front and centre during the course of the negotiations. City A.M. profiles some [...]
Taking stock: 12 charts showing the first three months of Brexit in the financial markets September 23, 2016 Three months ago today, the UK voted to leave the European Union. Against the judgement of most experts, our own Prime Minister, the President of the United States, think tanks and international institutions that were warning of economic calamity, the Brits decided to quit. The financial markets went into turmoil. The pound collapsed, the FTSE 100 [...]
Goldman Sachs holds onto its commodities crown September 23, 2016 Goldman Sachs is still king of the investment banks when it comes to commodities trading. Data from analytics firm Coalition showed that the Wall Street stalwart made the most money from trading commodities such as oil, coal and metals after coming top in the past two years, Bloomberg reported. JP Morgan and Citigroup took second and third place [...]
Bloomberg Square Mile Relay returns to London for its 10th edition — can Barclays beat the likes of JP Morgan and Macquarie once again? September 22, 2016 Over 1,000 runners will swarm the streets surrounding Guildhall this evening as the Bloomberg Square Mile Relay celebrates its 10th anniversary in the City. Bloomberg's 10-legged relay race has been exported to financial hubs in Shanghai, Singapore, Hong Kong, Dubai, Sydney and New York but returns to the site of its inception in 2007 on Thursday evening when [...]
City Moves for 22 September | Who’s switching jobs September 22, 2016 Societe Generale Societe Generale has appointed Carlos Goncalves as head of global technology services. He replaces Bertrand Lemarignier who will take up a new position within the group. Carlos started his career in the research and development team of Portugal Telecom before joining Societe Generale in 1993 as part of the IT department. Carlos was initially in [...]