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Firms forced to reveal gender pay gap

February 12, 2016

Companies that fail to address pay differences between male and female employees will be highlighted in new league tables under plans announced on Friday. Those with more than 250 employees will be forced to reveal their pay gap. The regulations will affect about 8,000 employers across the UK. They will need to start calculating the […]

‘Rock solid’ Deutsche Bank shares slide 5%

February 10, 2016

Shares in Deutsche Bank continued to fall on Tuesday, despite assurances from the bank that its balance sheet was “rock solid”. The bank’s shares in Frankfurt closed 5% lower, despite a statement from the bank that it had sufficient reserves to make bond payments. On Monday, shares slumped 9.5% and have fallen more than 40% […]

New taskforce launched to combat fraud across UK

A new taskforce, consisting of police, banks and government officials, is being set up by Home Secretary Theresa May to combat fraud across the UK. Part of its work will be to publish a list of the 10 most-wanted fraudsters and improve intelligence sharing between banks and police. Figures suggest five million frauds occur every […]

Credit Suisse announces 4,000 job cuts

February 4, 2016

Credit Suisse has announced that it is going to cut 4,000 jobs. The announcement came with the release of results for 2015. The bank made a pre-tax loss for the year of 2.4bn Swiss francs ($2.4bn; £1.6bn), which was its first annual loss since 2008. It said that included “substantial charges which are not reflective […]

Policymakers must be obsessed with growth

Mohamed el-Erian, chief economic adviser at Allianz, has urged leaders to step in and ensure companies are investing in growth to avoid a path that could end in global recession. He said politicians must avoid doing nothing as the global economy nears a “T-junction”. “Be obsessed with growth,” he told BBC Radio 4’s Today programme. […]

‘Delay’ over workers’ pension access

January 26, 2016

Three fifths of in-house company pension schemes fail to offer flexible options for savers to take part of their pot as an income, consultants say. Some 61% of trust-based pension schemes, used by big companies and overseen by trustees, have yet to offer flexible drawdown options, Willis Towers Watson says. Rules in place for nearly […]

Bank of America profits rise on lower legal costs

January 19, 2016

Bank of America has reported a 10% rise in fourth-quarter profits compared with a year earlier, helped by a fall in expenses, including legal costs. The bank, the second-biggest in the US by assets, said net income jumped to $3.01bn (£2.1bn), up from $2.74bn. The results were in line with those reported last week by […]

Citigroup profits jump after fall in legal costs

January 15, 2016

US bank Citigroup has reported a jump in fourth quarter profits compared with a year earlier, helped by a big fall in legal costs. The bank said net profit rose to $3.34bn (£2.43bn) compared with $344m in the last quarter of 2014 when it paid $3.5bn in legal and other charges. The bank’s legal and […]

Savings rates hit new low, says Bank of England

January 8, 2016

Interest rates for millions of UK savers have sunk to a new low, according to the Bank of England. The average rate on Individual Savings Accounts (Isas) fell to 0.85% in December, down from 0.99% in November. On instant access accounts, the interest rate fell to 0.48%, from 0.54% a month earlier. Some individual banks […]

Pension fund withdrawals very worrying, say experts

The way people have been accessing pension freedoms is “very worrying”, retirement experts have said. Figures from the City regulator show that 120,969 who cashed in a pension fund between July and September last year took the whole lot out. In contrast just 58,021 people used the money to buy themselves an income, said the […]

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