Investment banking revenues plunged to financial crisis levels in 2015 – and a greater drop is expected this year May 17, 2016 Global investment banking revenues dropped to their lowest levels since the financial crisis last year. And they are expected to plummet even further this year, according to a new report. Analysis in the Boston Consulting Group’s (BCG) Capital Markets 2016 report predicts 2016 investment banking revenue to total $212bn (£147bn), down seven per cent from [...]
Barclays loses its metal as it sells London gold, silver, platinum and palladium vault to ICBC Standard Bank May 16, 2016 Barclays has signed an agreement to sell its precious metals storage business in the UK to ICBC Standard Bank. ICBC Standard Bank, which is a union of Chinese ICBC and the Standard Bank Group, will acquire the precious metals vaulting business for an undisclosed sum to expand its commodities capabilities in metals clearing and storage services. [...]
The City needs to talk about mental health to combat this silent plague May 16, 2016 Today marks the start of World Mental Health Awareness Week, during which the spotlight will be turned on an important issue that for too long has been relegated to the shadows. Across the world, hundreds of millions of people are affected by mental health conditions. Here in the UK, for example, one in four people [...]
Why purpose is key to success in twenty-first century business May 16, 2016 How should businesses make decisions? The textbook answer is to do a calculation – to trade off the costs and benefits. For investment decisions, this is difficult, because the benefits are uncertain. But for tangible investments, such as building a factory, you can still get a reasonable handle on the benefits – estimate the number [...]
Public hungry for challenger banks, research finds May 16, 2016 Challenger banks are gaining traction as consumers want to see smaller players competing against the sector's established names, a new research has found. Figures from Netherlands-based Triodos bank indicate that just over three quarters (77%) of UK adults say that greater competition from challenger banks should be encouraged. A total of 49 per cent say that challengers could differ by providing [...]
Profits at UK firms are at their lowest level since before the financial crisis May 16, 2016 Profits at the UK’s largest companies slumped to their lowest level in a decade in 2015, with turmoil in the banking and commodities industries weighing heavily on corporate performance. New analysis from the Share Centre, released today, shows that the FTSE 350 – the UK’s largest 350 listed companies – posted combined pre-tax profits of £84bn last [...]
Lloyds Bank leads the London financial sector in British LGBT Awards May 15, 2016 Bravo to bankers at Lloyds – the firm has been crowned the top employer for promoting diversity in this year's LGBT Awards. Lloyds Banking Group, which has a professional LGBT Network of over 3000, was named LGBT Network Group of the Year. The bank saw off stiff competition from the likes of Tesco and PwC. Dubbed [...]
Have Asda execs been stress eating with James Martin ahead of first quarter results? May 15, 2016 Has Asda chief Andy Clarke been eating his feelings? The Big Four retail giant has struck up a delicious partnership with former Saturday Kitchen star James Martin. Last month the Yorkshire foodie figure rustled up a strawberry gateau with Asda boss Andy Clarke at the InterContinental Hotel on Park Lane in London, marking the start of a new marketing partnership [...]
Standard Life sleepwalks towards a pay revolt May 13, 2016 First Schroders, now Standard Life: it’s turning into a season of grand City institutions firing bullets into their own feet. Fresh from the calamitous handling of Michael Dobson’s elevation to the chair at Schroders, its Scottish-based peer is making an even bigger pig’s ear of a process it should be able to navigate in its [...]
City Moves for 13 May 2016 | Who’s switching jobs May 13, 2016 Currency Cloud Currency Cloud, the international payments engine, has announced the appointment of Fiona Tee as chief financial officer (CFO). Fiona brings over 30 years’ financial and commercial experience within the technology and software industries. Previous CFO roles include Mondex International, a leading early adopter of digital payments, Intelligent Environments Europe, and Anite Telecoms. In [...]