Musk’s $44bn u-turn on Twitter hits City advisor fees hard July 14, 2022 Twitter and Elon Musk’s financial advisors could lose big bucks after the eccentric entrepreneur walked away from the $44bn mega deal. According to an earlier regulatory filing, the social media firm’s financial advisors Goldman Sachs and JP Morgan Chase could have nabbed fees totalling to $133m, while Refinitiv suggested that Morgan Stanley and the other [...]
Lyft loses ground on Uber: Share price falls 30 per cent after profit down £100m on forecast February 10, 2023 Lyft is trailing behind competitor Uber as disappointing forecasts have caused investors to lose confidence. Shares in the ride-hailing company dropped more than 30 per cent this week after it reported lower than expected first quarter profit forecasts of $975m (£805m). Initially, analysts forecasted it would be at $1.09bn (£900m), according to Refinitiv data. Lyft [...]
London Stock Exchange gets US approval for Refinitiv deal March 16, 2020 US regulators have approved the London Stock Exchange’s (LSE) takeover of financial data firm Refinitiv, the bourse said today. LSE said that the US Committee on Foreign Investment had determined that there were no national security concerns related to the $27bn (£22bn) deal, which was first announced in August last year. The all-share deal would [...]
Could financial services dealmaking rebound this year? EY thinks it might February 20, 2023 The value of dealmaking among UK financial services firms could rebound this year after a sharp slump in 2022, as volatile valuations settle and private equity firms swoop back into the market, EY has predicted. The predictions come after the total value of deals in the UK fell 40 per cent last year to £15.2bn [...]
JP Morgan profits up 52 per cent as it benefits from SVB chaos with influx in deposits of $37bn April 14, 2023 JP Morgan reported a surge in profit in the first quarter and an increase in deposits as the Wall Street giant weathered turmoil in the banking sector to deliver record results. Profit at America’s largest bank soared 52 per cent to hit $12.6bn while its diluted earnings per share was $4.10, significantly ahead of consensus [...]
Liontrust hit by £500m outflows as investor jitters spread July 19, 2022 London-listed asset manager Liontrust revealed it had been hit by £500m of outflows in the three months to June today as investors continue to pull back from markets amid extreme volatility.
The Notebook: LSEG’s data business success calls LSE into focus February 20, 2024 Where the City’s movers and shakers have their say. Today, it’s City A.M.’s own editor Andy Silvester with the pen.
Apple supplier Foxconn cautious despite beating earnings forecasts August 14, 2023 Apple supplier Foxconn beat estimates for second-quarter earnings on Monday thanks to a booming artificial intelligence sector – but the firm retained a cautious outlook for this year due to global economic uncertainties. The world’s largest contract electronics maker downgraded its outlook for full-year revenue to a slight decline from a previous guidance of flat as it [...]
Blackrock poised to cut 500 jobs as the world’s biggest money manager hit by downturn January 12, 2023 Blackrock is planning to lay off 500 staff globally, according to reports, as the world’s largest asset manager continues to grapple with 2022’s market sell-off. The planned redundancies, first reported by Reuters and Insider, represent a roughly 2.5 per cent reduction in Blackrock’s global workforce. They were communicated to employees in an internal memo from [...]
Investors pull record £27.9bn from UK funds amid political turmoil October 24, 2022 Investors pulled a record £27.9bn from UK funds last month as the disastrous mini-budget and political turmoil sent shockwaves through the markets, new data has revealed.