Results tagged “economy”

Barclays has reported a fall in profits for the first six months of this year, although it still made £2.6billion.

The Canary Wharf-based bank saw its profits drop by 33 per cent from the same period last year, and warned that it intends to shed at least 1,400 jobs to cut costs.

The O2 contributes £405million a year to London's economy, according to a study commissioned by owners AEG.

The report found the venue attracts up to 7.2million visitors a year and contributes £126 million additional income a year to the Greenwich area and created 600 jobs for local people.

By John Biggs

Tower Hamlets has the unique distinction of being at the same time in the bottom five areas for household incomes and the top five for wages in the UK.

This is what happens when you put a Canary Wharf into an area previously dominated by public housing and lower skilled jobs.

The Financial Services Authority's chief executive has defended the restructuring of financial regulation even though his own organisation is set to disappear.

Hector Sants told the audience at the FSA's annual public meeting yesterday that the new regulatory structure was needed - even if the banks don't like it.

Britain can expect a budget within 50 days should the Conservatives win the General Election.

David Cameron made the pledge at an event at Thomson Reuters in Canary Wharf this morning as he outlined the Tories' plans to bring the UK out the current economic slump.

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

Chancellor of the Exchequer Alistair Darling was in Canary Wharf this morning and used the opportunity to criticize the return of the bonus culture.

Mr Darling singled out Goldman Sachs, which reported bumper profits last week, saying it sent out the "wrong signals" with huge pay awards.

The City of London was cleaning up this morning after yesterday's mass demonstrations.

Protesters were thin on the ground, with teams of cleaners most in evidence as they scrubbed graffiti off landmarks like the Royal Exchange and Bank of England.

Citigroup is pondering selling itself to a rival bank as senior executives look for ways of securing its future following a dramatic dive in value this week.

Chief Executive Vikram Pandit has called a conference call meeting for this afternoon to try and thrash out a solution to the bank's worsening financial position.

AROUND 700 jobs at the European branch of Lehman Brothers last night as banks tabled their final offers for the firm's assets.