These are six ways banking is about to change, according to former Barclays boss Antony Jenkins June 2, 2016 Antony Jenkins thinks that banking is having an "Uber" moment, undergoing a transformation that will leave the sector looking entirely unrecognisable. Jenkins, who is currently chairman of Business in the Community and was previously group chief executive of Barclays, imparted his wisdom at an event hosted by the Institute of Chartered Accountants in England and Wales this evening, remarking "there [...]
Thank Credit Suisse It’s Friday: Credit Suisse wants bankers to take Friday night off… so that they’re fresh for work at the weekend June 2, 2016 Execs at Credit Suisse are a charitable bunch, insisting that staff take a whole 17 hours of time off at the weekend. The bank has told staff to leave work by 7pm on a Friday and not return until at least Saturday lunchtime, unless there's a big deal in the works, of course. The groundbreaking [...]
Tata Steel set to reveal shortlist of bidders for remainder of UK business following Scunthorpe sale June 1, 2016 Tata Steel is expected to release a shortlist of bidders for its UK business before the end of the week, City A.M. understands. The three companies tipped to be named are commodities trader Liberty House, management buyout team Excalibur, and Leeds-based private equity fund Endless. The Indian steel conglomerate has been reviewing up to seven bids [...]
UBS bankers get two hours of personal time every week in bid to improve work-life balance June 1, 2016 Bankers and work-life balance don't go hand in hand – but UBS is trying to change that. Over 6,000 people working at UBS' investment banking division globally are set to get two hours of "personal time" every week as part of the bank's "take two" initiative. The scheme, that was started by investment bank president Andrea [...]
This London startup claims it’s launched the first ever working blockchain platform for financial institutions June 1, 2016 A London startup which boasts the former chairman of Barclays bank on its board has launched a new blockchain platform for financial institutions which it claims is the first of its kind. Several organisations are in the race to build a distributed ledger platform with blockchain technology, which can be used across the industry for processing transactions more quickly and [...]
SMEs show increasing demand for alternative finance as high street banks disappoint May 31, 2016 Small and medium-sized enterprises (SMEs) are showing increased frustration with high street banks, a new survey suggests. Some 16 per cent of 400 SME business owners seeking finance said they had been turned down by a mainstream lender, up from 11 per cent in 2015. And 31 per cent said their inability to secure finance [...]
At the close: Brexit poll sends FTSE 100 down for the month and knocks sterling back May 31, 2016 A shock EU referendum poll killed the FTSE 100’s chances of stumbling to a fourth consecutive month of growth today, as the blue chip index failed to stay above the 6,241 gain line. The FTSE 100 closed the day down 0.6 per cent at 6,230.79 following a new ICM survey which put the Leave side four [...]
Chinese steel and iron ore futures post worst monthly performance on record May 31, 2016 Chinese steel and iron ore futures clocked their worst monthly slump on record, amid a deepening crisis in the global steel industry. Rebar, or reinforcing steel, clocked a 23 per cent monthly decline, its worst on record since launching in 2009. The most-traded rebar on the Shanghai futures exchange closed down 0.8 per cent at 1,978 yuan [...]
JP Morgan Cazenove loses its long-standing lead over Bank of America Merrill Lynch in FTSE 100 stockbroking stakes May 31, 2016 JP Morgan Cazenove has lost its long-held position as the top stockbroker for FTSE 100 companies. The bank's crown has been taken by Bank of America Merrill Lynch, new figures from Adviser Rankings show. JP Morgan Cazenove has topped the FTSE 100 rankings every year since Adviser Rankings began compiling the list as part of its [...]
At the close: Bank holiday starts early for the London markets on flat day in the City May 27, 2016 Friday's are always slightly slower in the Square Mile. None more so than on a sunny afternoon on a bank holiday eve. The markets, characteristically, were static. The FTSE 100 closed down 0.1 per cent at 6,258.06, but volumes plummeted, with the number of shares swapping hands around half its usual level. The slow day [...]