This is why Barclays is firing 12,000 workers March 5, 2014 For every £100 Barclays brings in, it pays £42.70 to its staff. That might not sound bad – it still has £57.30 to cover all its bills and turn a profit. But compare it with HSBC. For every £100 HSBC brings in, just £24.80 goes in staff costs. That astonishing contrast means Barclays pays workers [...]
Banks pay another £175m to small businesses for swaps mis-selling March 5, 2014 The Financial Conduct Authority’s (FCA) published its latest figures on its interest rate hedging product redress scheme. In February, a total of £482m was paid out by the UK’s four largest banks in February – from £306.3m in January. 3,430 businesses have now accepted payments from Lloyds, Barclays, HSBC and RBS, but the regulator says [...]
Big four banks slash 250,000 jobs since crisis March 4, 2014 BRITAIN’S biggest banks have cut their headcount by 200,000 since the crisis, their latest figures show, and expect to cut at least 50,000 more over the coming years as new technologies reduce the need for front-line staff. The big four have slashed their workforce, cutting costs and selling off overseas units in a bid to [...]
Premier Foods secures £1.1bn refinancing deal March 4, 2014 PREMIER FOODS announced it has sealed a £1.1bn refinancing package yesterday, in a major feat for the food company that it says will help “liberate” it from its past and ease its debt-pile. The company behind Mr Kipling cakes and Ambrosia custard confirmed plans to raise £353m via a placing and a rights issue, and [...]
Australia fights about overseas cash for Qantas March 4, 2014 AUSTRALIAN politicians are grappling with plans to allow a foreign company to rescue Qantas, the country’s ailing airline. Prime Minister Tony Abbott wants to relax rules that block an overseas firm from owning more than 25 per cent of the flag carrier, and which limit overall foreign ownership to 49 per cent. Qantas has struggled [...]
City Moves for 5 March 2014 | Who’s switching jobs March 4, 2014 DAC Beachcroft The law firm has announced the appointment of Ruth Connorton as a commercial contracts partner. She specialises in non-contentious procurement matters. Connorton joins from Eversheds, where she was head of procurement law. Ashburton Investments The investment management firm has appointed Swati Jain to its London-based distribution team. She was most recently at IIFL Wealth, where [...]
London Report: FTSE reverses losses as crisis in Crimea eases March 4, 2014 THE UK’S top share index rebounded from two-week lows yesterday, recouping its losses in the previous session, with the perception that tensions between Russia and Ukraine were easing and robust earnings boosting investors’ risk appetite. However, investors remained cautious in placing strong bets on the sustainability of the share rally, given that Russia and the [...]
How 4 banks are cutting quarter of a million staff March 4, 2014 The true scale of British banks’ world-dominating ambitions in the boom years and devastating collapse in the crisis is still only now becoming clear – the latest figures show the big four banks have cut 200,000 jobs since the credit crunch struck. And another 50,000 or more are set to be cut in the next [...]
Robust growth in euro industry as UK improves March 3, 2014 MANUFACTURERS in the Eurozone reported further solid growth in February, while UK industry continued to expand at a robust pace. The headline reading of data firm Markit’s purchasing managers’ index (PMI) for the manufacturing sector was 53.2 in the euro area this February. The figure was down slightly from 54 in January, the highest level [...]
Premier close to securing £350m rights issue plan March 3, 2014 PREMIER FOODS is set to announce a radical financial restructuring as soon as this week as part of chief executive Gavin Darby’s rescue plan to turn the debt-laden group back into a “normal company” again. The company behind Mr Kipling cakes and Bisto gravy is expected to launch a £300m-£350m rights issue and is also [...]