City Moves for 29 September 2016 | Who’s switching jobs September 29, 2016 Smith & Williamson Jim Clark and Philip Marsden, both of Marsden Clark Corporate Finance, have joined Smith & Williamson's corporate finance team. Jim is appointed as a director and Philip Marsden as a consultant, based at Smith & Williamson’s Moorgate office in London. Jim and Philip have over 50 years of transaction experience between them. [...]
Plan? What plan? Around a quarter of European companies don’t know what to do about hacks September 28, 2016 A worrying number of European companies have no plans for how to respond to cyber attacks, a study out today has found. Just under half (44 per cent) of the firms surveyed as part of DLA Piper's European Technology Index 2016 revealed they were significantly concerned about the threat cyber crime posed to their business, but a [...]
The great Deutsche Bank sale begins as bailout rumours continue to swirl September 28, 2016 Deutsche Bank sold one of its less core businesses today, prompting speculation that more asset sales are on the cards at the troubled German lender as it faces the prospect of a multi-billion pound US fine. The bank agreed to sell British insurance business Abbey Life to Phoenix, which will bring in nearly £1bn in capital. [...]
Now Credit Suisse chief Tidjane Thiam sounds alarm on European banks September 28, 2016 Credit Suisse boss Tidjane Thiam has today become the latest in a list of names to warn Europe's banks are not in a healthy state. His comments come as Deutsche Bank's share price is swinging widely as rumours circulate as to whether the German government would be prepared to bail out the lender. The German giant, which [...]
Exports set for £20bn Brexit boost after sterling’s dramatic plunge September 28, 2016 Goods exports will jump by £20bn over the next year, cushioning the UK economy from a slowdown caused by the EU referendum, Standard and Poor's (S&P) has argued. In a new report assessing the impact of the Brexit vote on the UK and Europe, the ratings agency also stuck by its claims the UK will avoid [...]
Sadiq Khan is pushing for an Autumn Statement announcement on London devolution September 28, 2016 London mayor Sadiq Khan is pushing the Treasury to announce fresh devolution of powers to London within weeks. Speaking exclusively to City A.M., Khan said he had recently met with Philip Hammond, and was optimistic the chancellor would make an announcement in the Autumn Statement. Khan also expressed fears that any reform to migration might [...]
Before the bell: What you need to know before the US market open September 28, 2016 Germany has been forced to deny reports of a possible Deutsche Bank bailout after investors abandoned the troubled bank and megabrew is on after investors voted to approve the deal. Here's what you need to know before the US market open at 2:30pm London time. US futures are pointing up ahead of the open, though not by [...]
Deutsche Bank flogs Abbey Life to Phoenix in order to strengthen its capital position September 28, 2016 Beleaguered lender Deutsche Bank is set to welcome nearly £1bn of much needed capital after agreeing to sell Abbey Life to specialist life insurer Phoenix. "This transaction will also strengthen Deutsche Bank’s capital position. We continue to build a simpler and better Deutsche Bank," said chief executive John Cryan. Read more: Angela Merkel might be considering a Deutsche Bank [...]
AA grows revenue and earnings as it reverses decline in member numbers September 28, 2016 AA has reported an upturn in revenue and earnings for the six months to 31 July – and said membership numbers are showing positive signs of growth. The figures Trading revenue was up 2.2 per cent to £467m from £457m in the same period of last year. Operating profit was flat at £132m, while pre-tax [...]
BMW faces backlash from unions on pension reforms September 27, 2016 Unions have hit back at BMW over proposals to close its UK defined benefit pension schemes, promising to fight the German motor giant's attempts to "salami-slice" retirement incomes. BMW wrote to 5,000 employees yesterday outlining proposals to close its two final salary pension schemes to future accruals from 1 June 2017. "It is clear that our members will be [...]