Results tagged “PricewaterhouseCoopers”

As the recession sinks its teeth into Canary Wharf, many workers are feverishly scratching away at their desks, waiting for the axe to fall.

Shadow treasury minister Mark Hoban remembers the feeling well.

IT was billed as the financial plan which would help shrink the impact of Britain’s much-feared recession.

But Wharf shoppers and businesses have not flocked to praise the Government’s high-risk plan to kick-start the UK economy.

Administrators for Lehman Brothers have admitted some creditors may lose their money.

The European wing of the bank estimated it had a $17billion cushion when it went bankrupt in September, but current caretakers PricewaterhouseCoopers doubt this will be adequate when assets fall and liabilities inevitably rise.

ASIAN investment bank Nomura has announced a deal to buy a chunk of stricken firm Lehman Brothers.

The company will snap up the European and Middle Eastern investment banking and equities businesses in a move which could save up to 2,500 jobs.

The buy-out includes offices in the UK, as well as the Netherlands, Germany, Sweden, Italy, Spain, Kuwait, Dubai and Qatar.

Administrator PricewaterhouseCoopers announced the deal after a week of uncertainty for the bankrupt Wall Street giant.

LEHMAN Brothers employees' September pay packets are safe provided they keep showing up at the bank's Wharf headquarters.

THE US Government's decision to bail out insurer AIG looks to be good news for Canary Wharf Group.

The estate landlord are due to receive rent payments on Lehman Brothers' Bank Street headquarters for four years as part of a securitisation policy with the company.

But AIG's own floundering finances raised fears about its ability to cover the deal.

The Federal Reserve's decision to seize control of the insurer in a £47billion rescue deal on Wednesday should allow CWG to breathe easier.

THE CREDIT crisis could force the UK’s financial sector to shed at least 10,000 jobs in the next three months.

The Confederation of British Industry (CBI) predicts the country will dodge a full recession, but the squeeze in credit markets will force Wharf companies to trim their workforces. The forecast comes after UK firms reported another sharp drop in business from January to early March this year.

CBI chief economic adviser Ian McCafferty said: “It is clear that the credit crunch has worsened over the first three months of this year.

“We can expect further tough times in the financial sector, and as this feeds through into the wider economy it will inevitably be felt through slower economic growth this year and next.�