Are global banks in trouble? These three charts show which lenders are suffering the most April 15, 2016 Better than expected results for Citi Group rounded off a week during which banks in the US reported slumped results, while the IMF and consultancy KPMG questioned the financial recovery. “Expectations were for $1.05. We got $1.10,” said Joshua Mahony, Market Analyst at IG, a global leader in online trading of the per share value. “People [...]
Three technologies which will change the world April 14, 2016 “Disruptive technologies” – a phrase we are hearing increasingly, but what does it mean for infrastructure and the world around us? How and when should we – business, industry, engineers, policymakers, academia– respond and how do we keep up? New technologies are emerging at a seemingly relentless pace. The McKinsey Global Institute’s definition spells it out. Disruptive [...]
UK banks have yet to address the elephant in the room: Their current business model is unsustainable April 14, 2016 It was another tough year for UK banks in 2015, and the challenges look set to continue. Our high-street banks are at a vital juncture: they’ve survived the crisis and are now preparing for one of the biggest overhauls of UK banking we have ever known with the introduction of ring fencing. KPMG analysis out today [...]
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, [...]
Shops failing to cash in on low inflation as British Retail Consortium sales monitor shows no growth in March April 12, 2016 Retail sales flat-lined in March, according to the latest sales monitor from the British Retail Consortium (BRC), in an early sign that a wobble in the consumer-led recovery could be on the cards. Total retail sales were unchanged on March 2015, compared to a 4.7 per cent annual increase registered in this month last year. [...]
UK is top targeted European country for M&A deals from emerging markets April 11, 2016 The UK was the number one European target for inbound deals from emerging markets in the second half of last year, according to a new report. During the six-month period, UK companies were involved in 45 inbound, completed deals, up nearly 30 per cent on the first half of the year, KPMG's cross border deals tracker [...]
City Moves for 11 April 2016 | Who’s switching jobs April 11, 2016 BBC Worldwide Tom Fussell has been appointed as chief financial officer at BBC Worldwide. He has extensive experience of the TV and wider media industry, having worked in global media organisations for 20 years. Most recently, Tom was finance chief of Shine from 2013 to 2015, leading a global finance function across 11 markets. He [...]
City Moves for 8 April 2016 | Who’s switching jobs April 8, 2016 Acadian Asset Management Acadian Asset Management (UK) the London based subsidiary of Acadian Asset Management LLC, the specialist quantitative active global equity investor headquartered in Boston, has announced the appointment of Ian Shea as director of Middle East sales and client service. Ian will be based in Acadian’s London office, and joins Acadian from bfinance, [...]
Pfizer-Allergan merger collapse stokes fears M&A bonanza is coming to an end April 6, 2016 The biggest pharmaceuticals deal in history, a planned $160bn (£113bn) merger of US company Pfizer and Ireland’s Allergan, was abandoned today as a result of a US government crackdown on so-called tax inversions. The collapse of the blockbuster deal has stoked fears that last year’s M&A bonanza is coming to an end. Read more: More [...]