This is how much UK and global deal activity dropped in 2016 after a record-breaking 2015 January 3, 2017 The UK, hit by uncertainty around Brexit, led a decline in mergers and acquisitions (M&A) activity last year. New figures released yesterday show that M&A deal values totalled $3.84 trillion (£3.13 trilion) in 2016, down 18 per cent from a record $4.66 trillion in 2015. Read more: After subdued 2016, these bankers are calling a 2017 [...]
Britain must boost investment in skills beyond apprenticeship levy to compete with Europe after Brexit, according to report February 18, 2017 The UK must significantly increase its skills investment beyond plans for the apprenticeship levy if it is to compete with European rivals in the post-Brexit world economy, according to a new report. The government’s new apprenticeship levy will not bring employer investment in skills up to levels seen before the financial crisis, according to the [...]
The language of love sweet-talks the City February 7, 2017 Parisians are often stereotyped as being a little rude. While this may ring true with anyone who has ever tried to catch a waiter’s eye in one of the city’s restaurants, yesterday it was all charm and warmth as a delegation from the French capital set out their stall to City execs. Paris joins the [...]
Steve Mnuchin confirmed as US treasury secretary February 14, 2017 Donald Trump’s pick for US treasury secretary has been approved by the Senate in a vote that divided largely along party lines. Steve Mnuchin’s nomination was confirmed in a 53-47 vote. Mnuchin’s nomination was beset by attacks from Democrats and centred on the foreclosure record of OneWest, a bank where Mnuchin acted as CEO. The [...]
ECB president Mario Draghi is under investigation over allegations he played a part in an elite group of global bankers January 20, 2017 European Central Bank (ECB) president Mario Draghi is set to come under investigation by an EU body after a complaint over his membership of an elite group of bankers from around the world, including JP Morgan, UBS and Credit Suisse. The European Ombudsman, which follows up complaints by EU citizens over maladministration, will investigate whether [...]
Editor’s notes: The great Civil Service myth, and why it’s time to shake things up… January 6, 2017 Though probably not on your daily reading list, Dominic Cummings (former adviser to Michael Gove and a top dog in the official Leave campaign) writes a fascinating blog. In between posts on artificial intelligence, super-computing and advanced physics, you’ll find reflections on his time working at the Department for Education as Gove’s senior adviser. If you [...]
Banks could reveal more Brexit details in the next few weeks, but don’t expect them to spill everything January 3, 2017 Banks could release some more details on what they plan to do post-Brexit within the next few weeks, as they prepare to announce their full-year results. Many across the City have been concerned about what the final Brexit deal will have in store for them, and how financial institutions are going to react. In particular, there are [...]
City Moves for 9 February 2017 – who’s switching jobs? February 9, 2017 McGuireWoods McGuireWoods London has added firepower to its debt finance and derivatives practice with the arrival of partner Jennifer Kafcas, who brings 17 years of experience advising lenders and borrowers in complex structured and cross-border transactions in Europe and the US. She has specialist knowledge of the bond, leverage finance and derivatives markets and documentation [...]
Hargreaves Lansdown profits jump as retail investors put money to work around Brexit February 8, 2017 Profits before tax at retail broker Hargreaves Lansdown grew by more than a fifth in the second half of 2016, as booming inflows stymied fears investors would hold on to their cash after the Brexit vote. The figures Pre-tax profits rose 21 per cent in the last six months of 2016 compared with the first half [...]
Former EU ambassador Sir Ivan Rogers “couldn’t be trusted” by ministers says Iain Duncan Smith January 4, 2017 Senior Conservative Iain Duncan Smith has branded Britain's former ambassador to the EU "untrustworthy", a day after his sensational resignation. Sir Ivan Rogers quit yesterday, writing an email to staff which accused the government of “muddled thinking” on Brexit. Speaking on the Today programme this morning, Duncan Smith linked that leaked email to previous reports of Rogers warning [...]