Cinven considers bid for part of Thomson Reuters as news organisation set for sale of intellectual property and science units March 13, 2016 Private equity group Cinven is considering bidding for part of Thomson Reuters, with the news organisation set to launch a sale of its intellectual property and science units. The divisions – which reported revenues of $1bn (£0.7bn) last year and an operating profit of $221m – have been valued at around $3bn by analysts. Cinven already owns intellectual [...]
The banks which pay the biggest bonuses: Goldman Sachs, Morgan Stanley, Bank of America, JP Morgan and Citi May 27, 2015 US banks are paying their London staff a higher bonus on average than their UK counterparts. Goldman Sachs, Morgan Stanley, Bank of America, JP Morgan and Citi took the top five spots of a new survey by salary benchmarking website Emolument, while British-based banks HSBC and Barclays came eighth and 11th respectively. While there's no official data on banker [...]
Open outcry lives on at the London Metal Exchange February 19, 2016 The message the London Metal Exchange (LME) is sending with its new office, including a tech heavy open call trading ring, is clear: “we’re embracing the future, while retaining the tradition.” The 139-year-old London Metal Exchange closed the doors on its previous two-decade home in January, and has since moved to a purpose built space on [...]
London IPOs are down 43 per cent by volume from last year as JP Morgan wins battle of the bookrunners June 10, 2015 The volume of IPOs in London has hit $6.9bn (£4.4bn) so far this year – that's 43 per cent lower than this time last year. The 22 flotations which have taken place in London so far this year – which include Auto Trader's £2bn IPO, Revolution Bars' £100m listing and that hair-raising IPO of Integrated [...]
Twitter shares just plummeted after earnings miss. And it got a downgrade too April 27, 2016 Shares in Twitter have plummeted after another tough quarter, opening more than 15 per cent lower after missing estimates for revenue and cutting forecasts for the next three months. Shares fell under $15 for the first time since February. Twitter failed to shake off concerns that it has trouble with growth. The social network did increase [...]
Goldman Sachs agrees to pay $5bn to settle mortgage claims April 11, 2016 Goldman Sachs has agreed to pay $5.06bn (£3.6bn) to settle claims that it mis-sold mortgage backed securities in the run-up to the financial crisis. The settlement with the US Justice Department relates to residential mortgage backed securities (RMBS) sponsored or underwritten by the US investment bank between 2005 and 2007. Goldman Sachs has agreed to [...]
Rocky markets give JP Morgan’s traders a boost April 14, 2015 VOLATILE markets gave JP Morgan’s profits a boost in the first quarter, with uncertainty giving its bond and currency traders more work, the giant investment bank said yesterday. The US institution’s profits came in at $5.9bn (£4bn) in the first quarter, up 12 per cent on the year. Its revenues rose four per cent to [...]
Morgan Stanley share price rises despite 54 per cent slump in profit April 18, 2016 Morgan Stanley, the latest US bank to beat very low expectations in the first quarter, has posted a 54.4 per cent drop in profit after wild market swings earlier this year dragged on trading and investment banking. Earnings per share (EPS) fell to 55 cents in the quarter ended 31 March, from $1.18 per share a year earlier. Analysts had on average [...]
Ten reasons Britain is better off remaining in the EU – and Brexit would be the biggest own-goal in history June 22, 2016 This referendum could be the most important vote you ever cast. The last opportunity we had to give our view on the European question was in 1975, when many of today’s electorate were not yet born. As it happens, this was one year before I set up my own business, Travelex, at the age of [...]
HSBC’s share price falls after revealing it’s being probed by SEC over so-called princeling hiring practices in Asia February 22, 2016 HSBC is being investigated by the US Securities and Exchange Commission (SEC) over nepotistic hiring practices, it revealed this morning. HSBC's share price was down 3.6 per cent in early trading. The bank, which today posted worse-than-expected figures for 2015, admitted it was one of many financial institutions being probed by the US watchdog over "hiring [...]