Deal or no deal? Peel Hunt blames bank bailouts and inflation as it expects to be ‘marginally loss making’ April 3, 2023 Peel Hunt warned that the impact of recent bank bailouts might impact its pipeline as the City broker continues to struggle amidst the dearth of deals. In a trading statement at the end of its financial year, the investment bank said it has seen a “gradual improvement” in its pipeline. However, it said “execution risk [...]
The must-have accessory for global finance chief execs? A first class flight to Beijing April 3, 2023 A flurry of top financial executives have visited China for the first time since the COVID-19 pandemic as global financial giants seek to cement their relations with Beijing at the start of President Xi Jinping’s new term. Goldman Sachs CEO David Solomon, HSBC CEO Noel Quinn and Standard Chartered boss Bill Winters are among the [...]
FTSE 100 close: Shell and BP lift London higher as OPEC production cut boosts oil giants April 3, 2023 London’s FTSE 100 was dragged up by its oil giants at the beginning of the week, as OPEC’s cut to production saw BP and Shell climb. The capital’s premier index closed up 0.54 per cent at 7,673.00 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
Tell Sid 2.0: Archie Norman’s plan to rebuild shareholder capitalism in a digital age April 3, 2023 THE M&S chair Archie Norman wants digital AGMs and a more streamlined approach to investor communications as part of an effort to bring shareholder capitalism into the digital age. Norman has written to business secretary Kemi Badenoch on behalf of the ‘share your voice’ campaign, supported by the Quoted Companies Alliance and shareholder lobby groups. The City grandee [...]
UBS could cut tens of thousands of jobs following Credit Suisse takeover April 2, 2023 UBS may cut as much as a third of its workforce following its takeover of Credit Suisse, Swiss newspaper Tages-Anzeiger reported this weekend, as the bank considers its options for delivering the deal. At the end of 2022, the bank employed around 125,000 people, where approximately 30 per cent of those were based in Switzerland. [...]
Swiss prosecutors probe UBS-Credit Suisse deal ahead of bank’s AGM April 2, 2023 The Swiss Federal Prosecutor has opened an investigation into the state brokered takeover of Credit Suisse by UBS, according to the Financial Times. The newspaper reported that the prosecutor is looking into possible breaches of Swiss criminal law by government officials, regulators and bank executives. “The Federal Prosecutor’s office wants to proactively fulfil its mission [...]
Speedy rate hikes could knock shaky UK economy, former BoE chief economist warns April 2, 2023 Former chief economist of the Bank of England Andy Haldane has cautioned his old colleagues against raising rates too fast, warning it might unsettle an economy that is on “unsteady legs”. “I think given the extent of tightening we had during the course of last year, and the early part of this, and given the [...]
Mass bank branch closures making life for retired Brits ‘really difficult’ as Age UK calls for regulation and law changes March 31, 2023 A leading charity for older people has criticised the latest tranche of bank branch closures, saying it is making banking “really difficult.” The head of Age UK responded to news today that Lloyds and NatWest groups would be shutting a further 81 branches this year. She urged the government to introduce regulation to compel banks [...]
New audit watchdog: FRC set to confirm CEO will move from London to Birmingham March 31, 2023 The CEO of the newly former audit watchdog will be based in Birmingham - a more than hour long train journey away from the country’s auditors, Morning Wire understands.
Four day week, recession fears, Brexit and banking: The top five business news stories on Morning Wire March 31, 2023 This week started off with markets trying to settle themselves after the chaos in the banking sector, so attention turned to work itself and the idea of a four-day week made for one of the most read stories online. Along with that story here are the four others that were the top five read business [...]