Citigroup plans to relocate 10 per cent of UK roles if the UK can’t secure passporting October 19, 2016 US bank Citigroup would relocate almost 1,000 jobs outside of the UK if the government is unable to secure passporting for financial services. The bank, which has 9,000 staff in the UK, has told MPs that failure to secure passporting would see it move the roles. Citi has major locations in Dublin, Paris, Frankfurt and [...]
Investment banks to earn a pretty penny off back of Monte dei Paschi rescue deal August 7, 2016 Investment banks are expected to pocket big fees from a proposed emergency plan for Italian lender Monte dei Paschi di Siena. The troubled bank recently revealed it was ironing out a €5bn (£4.2bn) rescue deal to bolster its capital with the help of Mediobanca and JP Morgan, although the deal is still tentative and may yet fall through. However, sources have [...]
Few signs of hope for the Brexit-battered pound October 5, 2016 Sterling could fall further if the UK looks on course for a rocky divorce with the EU, currency analysts have warned. Forecasters currently expect the pound to move sideways against both the dollar and the euro between now and the end of the year, but after a dramatic few days of trading, speculation over the terms [...]
Goldman Sachs and JP Morgan pledge millions for refugees September 14, 2015 US investment banks Goldman Sachs and JP Morgan are leading a multi-million pound drive for donations for refugees in Europe. JP Morgan is raising up to $2m (£1.3m) from staff and its own foundation, which will be used to support Save the Children, Oxfam, International Rescue Committee and International Medical Corps. Meanwhile, Goldman Sachs Gives [...]
Blockchain guru Blythe Masters named Santander adviser July 12, 2016 Santander has put blockchain guru Blythe Masters in charge of advising the bank on the fledgling technology. The former JP Morgan executive has sprung to fame in the world of blockchain with her startup Digital Asset Holdings, which has raised $60m (£46m) from the likes of Santander, JP Morgan and Goldman Sachs, among others. Read more: The government has quietly [...]
EU referendum: Another bank has warned of possible UK job cuts if Brexit occurs June 9, 2016 Another US bank has threatened to cut its UK jobs if Britain votes to leave the EU in the referendum on 23 June. Citi has told UK staff that it will probably look to "rebalance" its operations in the event of a Brexit. The bank employs 9,000 people across the UK. "To continue to serve our clients [...]
There is no way to stop banks moving post-Brexit vote, Institute of Directors tells City A.M. October 23, 2016 There is nothing that can realistically be done to prevent banks shifting some of their business outside of the UK following the Brexit vote, a leading lobby group has said. Allie Renison, head of Europe and trade policy at the Institute of Directors, told City A.M. it was "inevitable you were going to have some operations [...]
Patrick Drahi’s Altice agrees £2bn deal to buy remaining stake in French company SFR September 5, 2016 Dutch telecoms company Altice has agreed a deal to buy the 22 per cent of French company SFR Group that it doesn’t already own for around €2.4bn (£2bn). Patrick Drahi’s Altice said the deal, to buy out smaller investors, had been unanimously agreed to by the company boards. Read more: Altice hits out at rival [...]
Three things to look for when Goldman Sachs announces its third quarter results today October 18, 2016 Goldman Sachs is the next US banking giant due to reveal how it's performed during the third quarter of 2016, announcing results before the bell today. Here are three things to keep an eye out for: Legal costs It doesn't take more than a passing glance at a newspaper to know banks aren't exactly strangers to [...]
Waste giant Biffa has confirmed plans to float in London’s biggest IPO since the Brexit vote September 15, 2016 Biffa Waste Services today confirmed its intention to float on the London Stock Exchange in a deal which would reportedly value the firm at £1bn and propel it straight onto the main market. The company, which was forced to undergo a restructuring after the financial crisis, wants to raise £270m in what will be the biggest initial [...]