JPMorgan earns £4.2bn in Q1 showing signs of recovery from London Whale grief

Written on:April 12, 2013
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JPMorgan Chase first quarter

JPMorgan reaches dream figure but investors don’t seem interested

JPMorgan Chase reported steady revenues by cutting its expenses in the first quarter which helped its earning reach the golden figure of $6.5bn (£4.2bn), rising 33% and beating analysts’ expectations of $5.4bn (£3.5bn) in net income. The bumper earnings show that the economy is recovering from the London Whale grief. Contributors to JPMorgan’s excellent performance in the first quarter are retail banking, powered partly by mortgage originations, and corporate and investment banking, driven by debt issuance. Although the bank reported good results, Wall Street remained unimpressed. The reason? Digging deeper into JPMorgan’s profits, it becomes clear that the bank’s $6.5bn (£4.2bn) in net income came from releasing funds set aside to offset potential losses from faulty mortgage and credit card loans.

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JC Penney hires Blackstone to improve cash reserves after Ron Johnson’s ouster

Written on:April 12, 2013
JC Penney cash reserves

JC Penney has employed Blackstone Group to replenish its dwindling cash reserves in a first move by Mike Ullman, who was reinstated as chief executive this week following the ouster of Ron Johnson, a much-vaunted Apple veteran whose reform plans backfired, leading to a chaotic situation in the company. JC Penney now wishes to raise $1bn capital in cash with an option of selling a minority stake in the US…

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Job switching Britons forget pension windfall worth £3bn, says Age UK

Written on:April 11, 2013
Pension

People switching jobs are losing track of their pension fund details, which is leading to retirement planning becoming more difficult, according to charity organisation Age UK. The charity has surveyed 2300 persons regarding the whereabouts of their pension pots. The Pensions Tracing Service estimates that the amount of cash going unclaimed in ‘missing’ personal or occupational workplace pension totals around a whopping £3 billion, with five million people having lost…

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Marks & Spencer chief executive Marc Bollard positive on making up for loss

Written on:April 11, 2013
marks-&-spencer

Marks and Spencer (M&S) has registered seventh quarterly loss on the trot. But the company isn’t looking down on this. It says, it’s still got support of the shareholders who believe in it and would soon bounce back. Marc Bolland, chief executive, Marks and Spencer, who is in the firing line to up the performance, is positive and has said that though, sales in the key merchandise fell by 3.8%,…

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Post Office offers current account at its 11,500 branches to take on banks

Written on:April 11, 2013
Post office launches current account

Post Office has launched current account with a new banking deal for customers offering ‘simplicity, transparency and good value for money’. The move could pose a threat to the four big banks in the UK- Lloyds, RBS, HSBC, and Barclays as Post Office has a solid network of 11,500 branches. Post office will offer the current account in association with Bank of Ireland which operates Post Office’s mortgages and savings…

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Nationwide offers lowest ever fixed-rate mortgage deals for hefty depositors

Written on:April 10, 2013
England stone cottage

Nationwide has proclaimed that it is trimming the rates on some of its fixed-rate mortgages by 0.1% point, which would make them the lowest in the the company’s history. The Nationwide rate cuts are meant only for those people with a sizable 40% deposit to shell out. Moneyfacts.co.uk has divulged that the Nationwide fixed-rate mortgage cut offer comes with a £900 fee, which is applicable to two, three and five…

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KPMG to create 150 jobs at Glasgow office amid insider trading allegations

Written on:April 10, 2013
KPMG creates jobs

KPMG is slated to create 150 jobs in Glasgow at a new tax office which will handle tax compliance work from the firm’s 22 UK offices. The job creation move has been encouraged by Scottish Enterprise which has offered Regional Selective Assistance grant worth £1.7m. KPMG has signed a 10-year lease deal at 123 St Vincent Street in Glasgow. The move comes just as KPMG has quit as auditor to…

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Morrisons to cut 700 jobs after installing cash-counting machines in stores

Written on:April 10, 2013
Morrisons axes 700 jobs

Morrisons plans to cut 700 jobs after last year’s fall in profits at the UK’s fourth largest supermarket chain as new cash counting machines are being installed in stores, making 689 cash office managers and supervisors’ jobs redundant. The latest round of job cuts comes six months after 165 jobs were scrapped at Morrisons’ Bradford headquarters when its financial transaction processing service was outsourced to an Indian firm.

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Google's pricing practices to be probed by EC after 17 companies complain

Written on:April 9, 2013
Microsoft HQ in Prague in Czech Republic

Fairsearch Europe (FE), which includes hi-tech firms like Microsoft, Nokia, Oracle, Expedia and Trip Advisor, has exhorted the European Union (EU) to investigate Google over supposed unjust practices in the mobile smartphone marketplace. FE has alleged that the Android operating system is a deceptive way to dominate the mobile marketplace. FE consists of firms, which are opponents of Google, and whose positions have been eaten into by Google.

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Overseas investors drive London property market to a 3-year high

Written on:April 9, 2013
Georgian style house in London

London property market was buoyed by overseas investors who helped lift house sales to a three-year high in March, and driving home commercial property sales of £2.75bn. Around 17 homes were sold on average over the three months to March, marking the highest number recorded since March 2010. Foreign buyers made up 71% of the sales figure, reiterating that London’s property remains a hot favourite among US, Middle Eastern and…

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