Results tagged “credit crunch”

HSBC is to delay its decision on a potential move out of Canary Wharf until next year.

The bank has been hinting that it could move its global headquarters from the UK because of the likely imposition of tougher legislation when the Independent Commission on Banking publishes its report in September.

BOOK
The Fifth Witness by Michael Connelly
Orion Books, £18.99
5/5

IN A NUTSHELL
In his 23rd novel, Connelly takes his Lincoln Lawyer hero into the seedy world of credit crunch property foreclosure - it's a blast, no really.

BOOK
On the Brink, Hank Paulson
Headline Business Plus, £18.99
3/5

IN A NUTSHELL
A flurry of names and phone calls, the former US treasury secretary's book is more concerned with reliving the crisis than reviewing it

Hector Sants is to leave his job as chief executive of the Financial Services Authority in the summer.

The Wharf-based financial watchdog announced today that Mr Sants will step down after three years in the job, a period which has seen increasing criticism of the FSA's regulatory role, particularly when the credit crunch hit the banking sector in 2008.

Its collapse came to symbolise the financial crisis and the last remnants of Lehman Brothers is set to disappear from Canary Wharf soon.

The failed bank's administrators will vacate Lehman's former headquarters at 25 Bank Street on March 31 and will stop paying rent on April 1.

Can governments combat the world recession with a selection of policy tweaks?

Financial forecaster Graham Turner believes real recovery can only be achieved by savagely attacking the system itself, reducing the vice-like grip of shareholders on the steering wheel of global firms.

That guy outside your station with the end-of-the-world sandwich board was right.

Like a train robber prising open a swag bag of chocolate buttons, the world has just woken up to the fact that all of its money doesn't actually exist.

What does a Canary Wharf worker munch during the crunch?

As branch manager of Canada Place mall supermarket Waitrose Food and Home, Russell Cattell has noticed changes in what turns up in the shopping baskets of the 80,000 customers that wander through each week.

Buyers at Pan Peninsula are desperate to re-negotiate their contracts with Ballymore after becoming overwhelmed by rising costs.

As reported in The Wharf last week, the sharp drop in property prices has hit the luxury development hard, with some units falling in value by nearly a third in just over two years.

HSBC is to inform 1,200 UK staff they face the threat of redundancy in the next 12 months.

Many of the cuts will hit back office staff in locations such as Leamington Spa and Newport, but the bank confirmed under 100 would be based at its Canada Square headquarters in Canary Wharf.

Just a quick tip. Looking for a bite to eat on the Wharf this lunchtime and an excuse to spend twice as much time in the sun? You could do a lot worse than head to Oi Bagel in Cabot Place East which is running a buy-one-get-one-free offer on all bagels. The disadvantage of course is you end up with twice as many bagels as you really need for lunch. Better make time for the gym later.

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.

THE economic downturn looks to have claimed its first retail victim in Canary Wharf.

Kate Kuba, the upmarket women's footwear store, has gone into administration resulting in the closure of its outlet in Cabot Place West.

The number of pricey homes on the market in Canary Wharf and Docklands has doubled according to data from a property website.

Rightmove has released a report claiming there has been a 12.4 per cent rise in the number of properties hitting the market in Tower Hamlets.

Bank of America plans to reduce its workforce by more than ten per cent over the next three years.

The corporation - which employs around 1,700 people at its European HQ in Canada Square - cited the merger with Merrill Lynch and "the weak economic environment" as reasons for the move.

It was supposed to be the restorative to cure the ailing British economy. But has last week’s VAT cut done the trick in Canary Wharf?

The Wharf checked the pulse of stores in Canada Place and Cabot Place malls to see if the Chancellor’s gift was the perfect pick-me-up.

HSBC has re-taken control of its Canada Square HQ from stricken property company Metrovacesa, making a £250million profit in the process.

The Spanish firm bought 8 Canada Square for a record £1.09billion in April last year, but has been forced to return the building as it struggles with debts of more than £7billion.

DOCKLANDS companies opened their doors to students last week to reassure the next generation that their prospects are still good despite the financial climate.

Businesses taking part in last Thursday’s event included London City Airport, Canary Wharf-based Credit Suisse and law firm Clifford Chance.

The US treasury has agreed the biggest banking bail-out so far in a bid to rescue Citigroup.

The government will guarantee up to $306billion (£205bn) of losses and inject $20billion (£13.3bn) in capital to help stabilise the bank, which saw its shares plummet by around 60 per cent last week.

Barclays' £7billion deal to raise capital could be under threat from rebel shareholders and it could spell the end for the bank's existing board.

The Canary Wharf-based bank apparently sealed agreements with a number of Middle Eastern investors to raise the capital it needed to secure its future.