Davos round-up: Goldman’s consumer banking headache, Big Tech layoffs and Germany’s green drive January 18, 2023 As some of the world’s most important CEOs, politicians and thinkers gather at the World Economic Forum in Davos to discuss an array of economic, political and social challenges, City A.M. wraps up some of the top lines from the day. Goldman Sachs’ consumer banking headache Goldman Sachs’ foray into consumer banking has not gone [...]
Goldman Sachs income slides by £2bn with investment banking bearing brunt of a drop in dealmaking January 17, 2023 Goldman Sachs underperformed analyst estimates as a near halving in investment banking revenue and an expansion in loss provisions led to a steep drop in income. Profit dropped to 44% in the quarter ending 31 December 2022 compared to the same period last year. Goldman’s earnings per share slumped to $3.32, down from $10.81 last [...]
IQE shares slump nearly 20 per cent as it warns of falling semiconductor demand January 16, 2023 IQE shares dropped nearly 20 per cent today after the semiconductor wafer maker warned that demand is expected to fall in the new year because existing customers have already built up large stocks. In a pre-close trading update, IQE warned that destocking in the industry will “impact upon demand from existing customers” in the new [...]
David Carrick failures see the Met betray the trust of Londoners – again January 16, 2023 A failure of leadership? A broken culture? An abject lack of responsibility? All three seem evident at the Metropolitan Police – an organisation which has lost the trust of Londoners. Yesterday’s lurid details of the crimes of David Carrick – a serial rapist who used his warrant card to win the trust of his victims [...]
Open banking success has cracked the code for more tech innovation in the UK January 15, 2023 The benefits of new technologies can seem hidden at first - but innovation always brings growth. Open banking is a great example on which the government is basing its strategy, writes Andrew Griffith
Ex homeless charity boss spent thousands on luxury travel, high-end London restaurants and Apple watches, commission probe finds January 14, 2023 The former boss of a homelessness charity spent thousands of pounds of its money on luxury travel, meals and watches, an investigation has found Lee Dribben, former chief executive of the Ashley Foundation, also used charity funds to buy a surveillance system, according to an inquiry by the Charity Commission. The regulator said it had [...]
Goldman Sachs’ new fintech unit racked up staggering £2.5bn loss since 2020 January 13, 2023 Goldman Sachs’s new fintech unit, Platform Solutions, lost $3bn (£2.5bn) since 2020 according to earnings reports republished by the bank on Friday. Platform Solutions – a new unit housing fintech and many of Goldman’s consumer banking products such as the Apple Card and Greensky – was announced as part of restructuring plans in October. To [...]
Sport on the TV: Football and rugby, plus Netflix and Apple documentaries January 13, 2023 This weekend sees the return of Premier League football and European rugby, as well as a number of exciting sporting documentaries to feast upon. Here’s the five things to add into your sports schedule this weekend. Football: Tottenham v Arsenal, Sunday After a week of FA Cup and League Cup action the Premier League returns [...]
Apple promises more transparency on removal of apps from App Store January 12, 2023 Apple and its investors have agreed to provide clarity on why apps are removed from its App Store, following criticisms about its lack of transparency. This means that the company has committed to providing a clear explanation of the number, categories, relevant authorities and applicable laws or policies when it comes app removals from the [...]
Porsche in talks to integrate Google software in cars despite data sharing concerns January 12, 2023 Porsche is reportedly in talks to integrate Google into its car cockpits, in a sign the luxury carmaker has overcome its doubts about data sharing. Sources told Reuters the deal would enable Porsche customers to use the Google Automotive Services (GAS) package. This will mean motorists will no longer have to connect their smartphones to [...]