Hays share price closes up, despite drop in net fees in UK and Ireland as employers exercise caution and analysts point to Brexit uncertainty April 14, 2016 Hays reported a boost to net fee income overall in a trading statement today, but revealed that employers in the UK and Ireland were exercising caution. The recruiter announced that its net fee income across all regions had grown by five per cent on an actual basis for the three months ended March 2016, and by [...]
RBS is axing 600 jobs and shuttering 32 NatWest branches, according to the Unite union April 14, 2016 Royal Bank of Scotland has told staff it will be making 600 job cuts and closing 32 branches in its NatWest subsidiary, according to the Unite union. The closures are broken down to 18 branch closures in the bank's northern region, and up to 217 job losses. A total of 220 branches will change their opening hours. In the Midlands [...]
City Moves for 14 April 2016 | Who’s switching jobs April 14, 2016 London Stock Exchange Group David Harris has been appointed into the newly created role of group head of sustainable business at London Stock Exchange Group. He will be responsible for ensuring that sustainability is integrated into activities group-wide, and will also continue as ESG Director at FTSE Russell. David has 15 years’ experience of working [...]
London’s biggest banks will struggle to reach sustained profitability due to bad debts and regulatory fines, IMF and KPMG warn April 14, 2016 A toxic mix of bad debts and regulatory fines will see some of London’s biggest banks struggle to reach sustained profitability, according to two major new reports from the International Monetary Fund (IMF) and KPMG. The hard-hitting reports have prompted city analysts to predict looming job cuts in the Square Mile and Canary Wharf, while [...]
London’s fintech bubble hasn’t burst yet as established financial institutions remain desperate to be involved with startups April 13, 2016 Suggestions that London’s fintech investment bubble is about to burst have been largely rebuffed and it would appear banks and other traditional financial institutions are still keen to fund new entrants to the industry. However many are in danger of buying into so-called innovation theatre, collecting a trophy cabinet of proof-of-concept fintech startups that bank customers neither need nor want, [...]
At the close: FTSE pushed higher by banks and miners, as Tesco and Premier Foods fall April 13, 2016 Banks and miners moved the FTSE 100 higher today as data from China reassured investors over growth in the world’s second largest economy, adding more than 100 points to the index’s rise. The FTSE 100 ended the day at its highest for four months at 6,362.89 points, up 120.50 points, or 1.9 per cent. Tesco shed [...]
The S&P 500 and Dow Jones indices have hit a new high for 2016 as investors pile into banking stocks: JP Morgan, Bank of America, Morgan Stanley, Citigroup all climb April 13, 2016 US stocks have risen to highs for the year in New York, pushed on by investors piling into banking shares. Both the S&P 500 and the the Dow Jones Industrial Average reached fresh highs for 2016. The S&P 500 was up 0.7 per cent in early morning trading at 2,075.21 in early trading, while the Dow Jones Industrial [...]
Italy’s €5bn bailout fund for ailing banks has failed to prevent further share sell offs April 12, 2016 Italy’s most sound financial institutions have poured cash into a €5bn (£4bn) bailout fund for the country's vulnerable lenders in an attempt to calm investor fears over the stability of the beleaguered sector. Shares in two of Italy’s most troubled banks bounced today however, with Monte dei Paschi di Siene and Banco Popolare shares climbing by 10 [...]
Beware fintech’s pivot to China April 12, 2016 Ever since former Barclays chief executive Antony Jenkins declared an ”Uber moment” for banks, the powers that be from the Square Mile to Canary Wharf have rushed to defend themselves against a herd of ambitious fintech unicorns. But if recent collaborations between financial titans and spritely startups are anything to go by, it appears the [...]
Brent crude and WTI: Oil prices jump back ahead of crucial meeting of producers April 11, 2016 Oil prices shook off early losses today to gain around two per cent, ahead of Sunday's crunch meeting between the world's major producers. Prices had earlier dipped on doubts that a production freeze from some of the countries taking part in the talks in Doha will be enough to balance markets. Brent crude, the global benchmark, fell [...]