JP Morgan cuts jobs and reduces profit target as top exec quits February 25, 2014 THE BIGGEST bank in America, JP Morgan, warned of job cuts and a reduction in profit for 2014 during an investor conference yesterday. Shares in the company were down 1.72 per cent at market close after the news. Around 8,000 jobs are expected to go at the bank, the majority from its mortgage division where 17,000 [...]
7 UK retail bosses that have quit unexpectedly February 24, 2014 Mothercare’s future on the UK high street looked promising when Simon Calver, the former head of online movie rental service Lovefilm, was appointed by chairman Alan Parker two years ago to lead its turnaround efforts. The board banked on his online experience to overhaul its estate and turn the chain into a multi-channel retailer. But [...]
5 British people who have been fired and still succeeded February 24, 2014 Our commiserations go out to Piers Morgan as we hear the British presenter, and his controversial views on gun-control, have been axed from CNN’s prime time slot following a slide in viewing figures. It may be a tad embarrassing but getting the old heave ho from a role certainly doesn’t spell disaster for anyone. [...]
Why anyone who thinks Bernie Madoff owes them money should get to a Post Office. Like, now February 21, 2014 The Financial Conduct Authority has just sent out its very own final reminder notice, warning investors who lost money at the hands of convicted fraudster Bernard Madoff that they have just seven days to file a claim for compensation with the Madoff Victim Fund. Bernie's victims are pointed towards a dedicated Department of Justice [...]
Market reaction to the Facebook-Whatsapp deal is leaving this investment veteran feeling “old and tired” February 21, 2014 The market loved Facebok's $19bn Whatsapp shopping spree – but it's leaving some feeling confused. Bronte Capital's chief investment officer John Hempton writes that while he once held Facebook stock, he is "no longer so in tune with valuation" of the social media giant. The investment guru works for the Australian and USA licensed global fund [...]
Shearman lifts London revenue February 20, 2014 US LAW firm Shearman & Sterling has posted a 20 per cent hike in revenues at its London office, its fourth year of growth in the capital. Turnover at the firm rose from $112.6m (£67.61m) to $134.8m in the 2012-13 financial year, led by a strong performance in the high-yield and finance practices. Global revenues at the [...]
Swiss Re replaces finance boss February 20, 2014 REINSURANCE giant Swiss Re has exceeded analyst expectations and posted strong results for 2013. The group yesterday reported a 34 per cent increase in net profit in the fourth quarter of the year to $1.2bn (£720m), up from $795m in the previous year. Alongside its results, Swiss Re also announced the appointment of its new [...]
Snoozebox starts to stir from its slumber February 20, 2014 SNOOZEBOX, the pop-up hotel provider which trades under the stock market ticker ZZZ, yesterday said revenues had recovered substantially after it briefly flirted with bankruptcy last year. The business, which will be running its hotels at this year’s Glastonbury music festival, said revenues grew 80 per cent to around £6.5m for the year ending December [...]
Vampire films never get old… or do they? February 20, 2014 FILMONLY LOVERS LEFT ALIVECert 15 | By Steve DinneenThree Stars ONLY Lovers Left Alive is a movie with vampires in it, but it’s not really a vampire movie. It hemorrhages introspection and indie sensibility rather than horror panache. There’s hardly any blood in it. If I were the kind of writer who used bad puns, [...]
Think the good jobs are massaged by Workfare? Think again February 19, 2014 A somewhat amusing pastime, when one’s bored, is to look at the responses to any of George Osborne’s tweets. The internet may be full of irate ranters, but nothing inspires outrage and knee-jerk verbal abuse quite like a bit of positive No11 spin posted on Twitter. While enjoying this activity over the last year, [...]