JPMorgan’s UK consumer bank on hiring spree to bolster expansion efforts December 14, 2021 JPMorgan’s British retail arm, Chase, has plans to take on hundreds of new recruits as it looks to expand the range of services offered to clients. Since launching in September Chase has hired over 200 staff bringing staff numbers to 800. The fledgling bank now wants to grow its team to more than 1,000 employees [...]
Ocado anticipates ‘best-ever Christmas’ as it eyes new Zoom site openings December 14, 2021 Ocado has forecast its “best-ever Christmas ahead” and said it anticipated mid-teens sales growth for 2022. In a trading update for the 13 weeks to 28 November, the grocer said there was “strong momentum in under-lying demand”. It posted retail revenue of £547.8m for the quarter. This was compared to £570.1m in the same period [...]
London’s shopping destinations seeing ‘first sign’ of hit from plan B measures December 13, 2021 Retail destinations have started to see the impact of the government’s latest Covid messaging, after a drop in central London footfall last week. Footfall fell three per cent in central London shopping destinations and 5.3 per cent in the capital’s office hubs last week. Last week, the Prime Minister outlined fresh measures to tackle the [...]
Travel data: Londoners shrug off work from home order with bus and tube usage falling less than expected December 13, 2021 The number of Londoners still travelling into work appears to have fallen less than expected according to new Transport for London data. Today represents the first day that the Government’s re-instituted work from home order comes into force. Bus usage before 10am this morning fell just six per cent week on week, whilst tube usage [...]
West End ‘extremely concerned about long-term survival’ as new guidance comes into force December 13, 2021 Central London retailers are hopeful eager Christmas shoppers will offset the absence of office workers in the capital this month while warning businesses are running out of cash. New West End Company, which represents 600 brands, restaurants and businesses in the West End, said footfall for the week of 6 December was up three per [...]
Fund manager Jupiter gets ready to fend off bids worth £1.3bn December 11, 2021 Jupiter fund manager is enlisting advisory help in preparation of takeover bids, as dealmaking activity across the industry reaches fever pitch, according to Sky News, which first reported the news. The asset manager has hired advisory firm Robey Warshaw to come up with a plan to fend off prospective bidders eyeing up the FTSE-250 company, [...]
City Moves: Who’s switching jobs in the Square Mile today? December 10, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Tesco Bank Tesco Bank has bolstered its board with a new independent non-executive director, who brings three decades of financial services experience to the position. Liz Buckley, a former group transformation director at Direct Line Group, has [...]
Plan B: Central London footfall to plummet with businesses in the lurch December 9, 2021 Central London footfall is anticipated to shrink to 50 per cent below 2019 levels following the government’s move to plan B Covid restrictions this winter. Areas like the West End are currently 20 per cent less busy than pre-pandemic levels, with retail experts at Springboard predicting the gap to widen further. Office workers were told [...]
MADE revises down revenue forecast amid ‘significant’ supply chain struggles December 9, 2021 Home retailer MADE has revised down its revenue guidance as it battles the “significant” supply chain disruptions that have hit most industries. It has also warned investors of a potential £12m to £15m loss in adjusted earnings, which it expects to recover next year. The news prompted shareholders to pile out of the stock, leaving [...]
Victorian Plumbing shares plunge more than a third following earnings caution December 9, 2021 Online bathroom retailer Victorian Plumbing had its share price plunge more than a third today, after cautioning investors of flatter earnings in the year ahead. Revenue lifted nearly 30 per cent to £268.8m in the year to September 30, while its adjusted earnings jumped over 50 per cent to £40.1m. However, the company had warned [...]