Banks reveal hundreds of UK and US job cuts June 29, 2011 THE AXE is set to fall on hundreds of investment banking jobs in London and further afield, with Credit Suisse, Goldman Sachs and Barclays all proposing cuts to their headcounts in recent days. Credit Suisse is planning to cut more than 600 jobs in its investment banks, including upwards of 100 in its London operations, [...]
Tyrie: Vickers commission is too secretive June 29, 2011 MAJOR reforms to the UK banking system should not be debated in secret, according to senior Tory MP Andrew Tyrie, who used an industry conference to call for more openness in the Vickers commission process yesterday. Tyrie, who chairs the influential Treasury Select Committee, said that the changes under consideration are too important to be [...]
BBA CONFERENCE | HIGHLIGHTS June 29, 2011 The British Bankers’ Association (BBA) annual conference took place at the Guildhall yesterday. Here are some of the highlights: • BBA chief executive Angela Knight (pictured, bottom right) said that some of the many regulations being introduced “simply don’t work right, don’t fit together, are not coherent”, such as the requirement to hold more capital [...]
Farmville creator Zynga set to file for $2bn float June 29, 2011 THE social gaming giant behind FarmVille plans to raise up to $2bn (£1.25bn) in an IPO and is expected to file paperwork with US regulators as soon as today. Sources close to the firm say it plans to float around 10 per cent of its shares, giving the company a market capitalisation of as much [...]
STRICTLY BUSINESS BRIEF ENDS VINCE CABLE’S DANCING DREAM June 28, 2011 THERE is something bothering business secretary Vince Cable – and it’s not the separation of retail and investment banking, the Greek debt crisis or even waging war on Rupert Murdoch. No – Cable is concerned his demanding day job could mean he never fulfils his dream of returning to Strictly Come Dancing for a full [...]
BUSINESS MARKETING CAMPAIGN OF THE YEAR June 28, 2011 INNOVATION was the key for this year’s shortlist. Microsoft proved that it is still an innovator with “Cloud Power”; Barclays Stockbrokers and American Express brought novel techniques to bear in their campaigns; Locog kindled new enthusiam for 2012; and NatWest showed that a new enthusiasm for better service is the best ad of all. Don’t [...]
Banks and commodities lift FTSE June 28, 2011 The FTSE 100 tracked gains in Asia and on Wall Street this morning as fears of an economic meltdown in Greece were eased with France moving to give the country a reprieve. Banking and commodity sectors saw a lift as new life was breathed into global markets. French President Nicolas Sarkozy said his country’s banks [...]
Diageo leads raft of China trade deals June 27, 2011 DIAGEO is to become the first spirits firm to take control of a Chinese-listed rival, after a £13m deal was approved yesterday. The deal, which was announced during Chinese Premier Wen Jiabao’s visit to Britain, was given the green light by regulators in a sign that the emerging superpower is becoming more open to foreign [...]
China demand sees Nike boost profits despite the rising price of commodities June 27, 2011 NIKE set a blistering pace with its fourth-quarter results yesterday, seeing its profits race 14 per cent and future orders bouncing 12 per cent. It was buoyed by bumper demand in China and emerging markets, where its high-end sportswear is highly sort after. This offset pressure from rising commodity and labour costs. Nike shares gained [...]
CITY MOVES | WHO’S SWITCHING JOBS June 27, 2011 CB Richard Ellis The commercial real estate adviser has appointed Sir Michael Lyons and Sir Andrew Foster as strategic advisers to strengthen the government & infrastructure team’s expertise in public sector assets and infrastructure. Foster, a former chief executive of the Audit Commission, is currently deputy chairman of the Royal Bank of Canada. Lyons, who [...]