“Animal Spirit” Time
“Animal Spirit” Time
The Financial Times this morning reflects on the positive statements issued by senior Wall Street bank executives as they ponder the Trump effect. All are clear that deregulation will lead to more M&A business and debt issuance. Telling was a statement from JP Morgan CFO, Jeremy Barnum, who used the term “animal spirits” when describing the mood.
Citi’s London Billion Re-Fit
Citigroup is about to incur at least £ 1 billion in terms of refurbishing its London premises. The 42-storey building was originally purchased for this amount. The original estimate of costs was rumoured to be £ 100 million. The project involves the creation of new staircases to produce a village feel and a winter garden in the centre of the building. Hopefully staff will be excited to come back to work.
Lloyds Announces Cuts
Lloyds Banking Group has announced that it will be reviewing 1500 jobs with a view to cutting 500. The positions sit in the customer service and sustainability arena and are centered on middle management.