Wells Fargo outperforms estimates as profits climb July 16, 2019 Wall Street banking giant Wells Fargo reported a rise in quarterly profits this afternoon, comfortably beating expectations as it presses ahead with a major cost-cutting overhaul. The lender posted earnings per share of $1.30 during the second quarter of 2019, rising from $0.98 per share a year ago and beating $1.15 per share Refinitiv estimates. [...]
Goldman Sachs beats Wall Street estimates despite profit drop July 16, 2019 Goldman Sachs outperformed expectations on Wall Street this afternoon as a double-digit surge in investment and lending boosted the banking giant, despite a fall in quarterly profits. Shares in the New York-based firm edged up 1.1 per cent pre-trading after it reported earnings per share of $5.81, falling from $5.98 a year earlier but beating [...]
City Moves for 27 June – Who’s switching jobs? June 26, 2019 Today’s City Moves includes CYBG, Squire Patton Boggs and JP Morgan Asset Management. CYBG CYBG has announced two new appointments to its senior leadership team. Lucy Dimes will join the Bank in July as group business transformation officer to lead on improving the efficiency and effectiveness of the bank and the successful delivery of its [...]
Online cosmetics firm Cult Beauty hires advisers to explore sale October 10, 2019 Online cosmetics business Cult Beauty has reportedly hired advisers to explore a potential sale of the company. The firm, which is one of the UK’s fastest-growing online beauty businesses, has appointed JP Morgan to explore its options, Sky News reported. Read more: The Body Shop owner Natura buys Avon for £1.6bn Co-founders Jessica De Luca [...]
Risky business: UBS warns that tax on billionaires will kill off risk appetite November 20, 2019 Billionaires will stop taking risks and sit on their money if they face blockbuster wealth taxes being proposed by left-wing politicians on both sides of the Atlantic, a top UBS banker for the super-rich has warned. Josef Stadler, who heads up the ultra high net worth division at the Swiss bank, has claimed that billionaires [...]
Let’s celebrate female business success March 5, 2020 I was lucky to grow up around strong women who ran their own businesses. My grandma ran a haberdashery business and my mum still runs a catering firm. Entrepreneurialism surrounded me, and I got to see how rewarding it can be — not just for the people who set up businesses, but for their families, [...]
Saudi Aramco to pay out $75bn dividend as it courts investors ahead of IPO September 30, 2019 Saudi Aramco has said it plans to pay a base dividend of $75bn (£61bn) in 2020 as it gears up for its highly-anticipated public float. Read more: JP Morgan set to pip rivals for Saudi Aramco mega-float The Saudi Arabian state oil giant has been courting potential investors for the initial public offering (IPO), from [...]
Saudi Aramco insiders say the kingdom has set a date for its IPO October 29, 2019 Saudi Aramco is set to begin its long-planned initial public offering (IPO) on 3 November, according to a report. The Saudi Arabian oil giant will start the process of its stock market debut on that date after delaying the deal to give itself time to win over cornerstone investors, Reuters said today, citing three sources. [...]
Law firm tries to muscle in on £1bn forex cartel claim November 6, 2019 US claimant law firm Hausfeld is trying to muscle in on a £1bn group action against a raft of banks who were found to have rigged the foreign exchange markets. The Competition Appeals Tribunal (CAT) heard today that Hausfeld is set to bring a claim by the end of November. The CAT was sitting for [...]
City economists urge Bank of England to avoid interest rate cut January 29, 2020 For the whole of 2019, the Bank of England’s monetary policy committee (MPC) held interest rates steady despite a slowing economy as parliament wrestled with Brexit. Yet with Britain now leaving the EU, there is a real possibility the MPC will cut rates for the first time in four years tomorrow, in what will be [...]