London-based accountancy giant, Ernst & Young, is being sued by New York’s attorney general over the collapse of the investment bank Lehman Brothers. Lehman Brothers collapsed in September 2008, which then led to a crisis that swept through global financial markets. It has been claimed that Ernst & Young used an accounting method known as [...]
US banking giant JP Morgan has acquired the former Lehman Brothers building in London’s Canary Wharf and it is set to become the bank’s new European headquarters. The 1.1m square feet tower, located at 25 Bank Street, has been bought by JP Morgan for £495 million, and will put an end to speculation that the [...]
Barclays Capital, the investment division of banking giant Barclays, is to slash around 400 back-office jobs in the US, Europe and Asia, a source familiar with the matter has said. The job losses come following Barclays’ expansion of its investment-banking unit, driven by the bank’s purchase of Lehman Brothers North America operations at the height [...]
Accountancy firm Ernst & Young (E&Y) has been criticised in a 2,200-page report over the collapse of Lehman Brothers, and could face legal action as a result. The report has accused E&Y of negligence, while senior management at the bank were said to be involved in “lazy accounting gimmicks” to conceal the fact that the [...]
Struggling Swiss banking giant, Credit Suisse, has announced it is axing a further 5,300 jobs, with the majority of job losses in its investment banking division. The bank, which is one of the biggest casualties of the credit crunch and has been forced to write-off assets worth billions as a result of toxic loans, has [...]
Last month, Merrill Lynch was quickly sold to Bank of America following the collapse of Lehman Brothers. The deal is expected to be finalised at the end of the year, however, around 500 jobs are said to be at risk as a result. Merrill’s chief executive, John Thain, said the job losses could be made [...]
Switzerland’s largest investment bank, UBS, has announced it is to axe a further 1,900 jobs in its investment banking, equities and fixed income units. The news follows that yesterday from PricewaterhouseCoopers, administrators of Lehman Brothers’ European division, who said 750 workers are to lose their jobs with immediate effect. With regard to the job losses [...]
PricewaterhouseCoopers (PWC), which was appointed as the administrators of Lehman Brothers’ European division, have announced that 750 workers are to lose their jobs with immediate effect. PWC said the bulk of the losses will be made at the Canary Wharf offices in London and said all avenues have been exhausted and the jobs could not [...]
Japan’s largest brokerage house, Nomura Holdings, is to buy some of Lehman Brothers’ European operations. Nomura is to acquire Lehman’s investment banking and equities unit in Europe and said it will pay a ‘nominal’ amount for the operations. The deal, which subject to regulatory approval, comes just 24 hours after Nomura announced it was to [...]
Japan’s largest brokerage house, Nomura Holdings, is to buy the Asian operations of Lehman Brothers. Standard Chartered and Barclays had also been interested in Lehman’s Asian assets, according to sources close to the matter. Banking giant Lehman Brothers went bankrupt last week and British bank Barclays has already acquired its US investment banking and capital [...]
According to Reuters, US investment bank Morgan Stanley is in talks with Wachovia and China Investment Corp (CIC) about a possible takeover or an investment opportunity. Last week, shares in Morgan Stanley plummeted after the collapse of Wall Street giant, Lehman Brothers, the rescue of US insurance giant AIG and Bank of America’s takeover of [...]
Barclays, Britain’s third largest bank, has revealed plans for a £701 million share issue in a bid to finalise the acquisition of Lehman Brothers’ core assets. It is also planning to raise £600 million from existing shareholders. The combined £1.3 billion will allow Barclays to finalise the deal and boost the bank’s capital strength, which [...]
Global markets have suffered over the last few days amid the collapse of Wall Street giant, Lehman Brothers, and the rescue of US insurance giant AIG, with many fearing that other financial institutions would suffer the same fate. US stocks increased in early trading today after Central banks from the UK, US, Europe, Canada, Switzerland [...]
Lloyds TSB has revealed the terms of its £12.2 billion takeover of HBOS which could result in thousands of job losses. However, Lloyds has described the deal as a unique opportunity and values HBOS shares at 232p each. HBOS shareholders will receive 0.83 Lloyds shares for every HBOS share. There is speculation that the deal [...]
Yesterday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy after announcing it had failed to find a solution to its problems after a weekend of rescue talks with Barclays and Bank of America. However, Barclays has confirmed it could now be interest in buying parts of the [...]
Yesterday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy after announcing it had failed to find a solution to its problems after a weekend of rescue talks with Barclays and Bank of America. In a bid to allay fears in the UK markets, the Bank of England [...]
Wall Street shares plunged today in response to the collapse of investment banking giant, Lehman Brothers. Black Monday sent shockwaves throughout global markets after the UK’s FTSE 100 index fell 3.92%, France’s Cac 40 index lost 3.78% while Germany’s Dax slumped 2.74%. HBOS, the UK’s largest mortgage lender, saw its shares plummet by 17.5% to [...]
A crisis on Wall Street is likely to put further pressure on the UK’s frozen mortgage market, which had been showing signs of a thaw in recent weeks. Over the weekend talks to rescue investment bank, Lehman Brothers, ended in disarray and the 158-year-old institution is today filing for bankruptcy protection. The bank is a [...]
Within the first few minutes of trading today, the London Stock Exchange opened down 2.5% following the uncertainty surrounding Lehman Brothers, the fourth largest investment bank in the world. The 158-year-old financial institution is filing for bankruptcy protection after announcing it had failed to find a solution to its problems after a weekend of rescue [...]
Credit rating agency, Standard & Poor, has warned that a recovery in the banking industry is at least a year away. According to the agency, US and European banks are entering a second phase of credit crunch related losses. The warning comes as investment bank, Lehman Brothers, had its forecast slashed by analysts after predicting [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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