Barclays is exploring a plan to drop thousands of clients at its investment bank as part of a strategic overhaul that is meant to boost profits and cut £1bn of costs. Barclays executives have met several times this year to thrash out the restructuring, codenamed Minerva after the Roman goddess of wisdom, according to people
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Just days before negotiators from more than 60 countries descended on Abu Dhabi last month for the final round of climate talks ahead of the UN’s COP28 summit, Sultan al-Jaber, president-designate of the conference, travelled more than 1,000 miles north to Azerbaijan. Jaber, who juggles at least eight different jobs including chief executive of the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. At Rome’s National Gallery of Modern and Contemporary Art, rooms recently devoted to an exhibition of Picasso drawings now hold more curious relics: a 19th-century travel trunk emblazoned “M. Tolkien”; dictionaries of old English dialects;
Stay informed with free updates Simply sign up to the Workplace pensions myFT Digest — delivered directly to your inbox. The writer is a contributing editor Chancellor Jeremy Hunt’s latest efforts, like his Mansion House reforms, point squarely at getting people and firms in the UK to save smarter for retirement. This misestimates the scale
A swath of unfinished apartment blocks across China, indebted buyers uncertain if they will ever move into their new homes and anger at the loss of their deposits — the impact of China’s property crisis has been immense. The 2021 default of Evergrande, the world’s most indebted developer, and dozens of its peers ushered in
Chinese fast-fashion group Shein has filed confidential paperwork for its initial public offering with the US securities regulator, according to two people briefed on the matter, in what is likely to be one of the largest New York listings of the past decade. The IPO decision comes a year after Shein raised cash at a
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Executives at Volkswagen are warning of job cuts, as negotiations with the group’s powerful works council heat up while the German carmaker prepares the ground for a €10bn cost-cutting programme. At a meeting with union
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Christine Lagarde has said the European Central Bank is likely to discuss speeding up the shrinkage of its balance sheet by ending the last of its bond purchases earlier than planned. The ECB president’s comments
Stay informed with free updates Simply sign up to the Social affairs myFT Digest — delivered directly to your inbox. Here are some experiences that undoubtedly place my upbringing at a specific time. I remember an era when working behind a till or at a café meant coming home smelling of other people’s smoke. I
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Israel has told Elon Musk his Starlink satellite network will only be allowed to operate in Gaza with its approval, as the entrepreneur met the country’s leaders amid a furore over alleged antisemitism on his
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Tesla is suing the Swedish state and the country’s postal service in an attempt to circumvent strikes and union action that have crippled its operations in the Scandinavian country. The carmaker is suing the Swedish
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The price of gold rose to a six-month high on Monday, buoyed by growing conviction among investors that the US Federal Reserve has finished raising interest rates, and a weaker dollar. Spot gold prices rose
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Success has been a long time coming for Geert Wilders. I met the Dutch politician in 2004 as he prepared to launch his own political party. Wilders’ denunciations of Islam and immigrants had already made
Stay informed with free updates Simply sign up to the Middle Eastern politics & society myFT Digest — delivered directly to your inbox. Missiles were fired from rebel-controlled territory in Yemen towards an Israeli-affiliated vessel and a US naval destroyer, according to the US military, highlighting the growing threat to ships in one of the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Hamas is expected to release more hostages on Monday, the fourth and final day of a temporary truce with Israel, as pressure grows on the Israeli authorities to extend the pause in hostilities in order
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Totting up shareholder rebellions is a feature of every UK AGM season. After all, significant dissent is still rare in meetings that, generally, produce overwhelming support for directors and boards. The median result is more
Turkey’s exports to Russia of goods vital for Moscow’s war machine have soared this year, heightening concerns among the US and its allies that the country is acting as a conduit for sensitive items from their own manufacturers. The growing trade, and the corresponding rise in imports to Turkey of 45 civilian materials used by
“A dull tone prevailed on the London Stock Exchange today. Given the amount of attention given to Russian affairs . . . coupled with the statements on war expenditure . . . the heaviness was not surprising.” So read the lead story on the front page of the Financial Times on May 11 1917. Readers had to turn inside for the next mention
You can enable subtitles (captions) in the video player MIKE MAYO: The merger between Citi and Travellers is one of the worst big bank mergers in history. SUJEET INDAP: Citigroup was the collection of dozens of businesses, and so there had been issues with compliance and risk management. STEPHEN GANDEL: The thing you have to
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The Bank of England’s internal culture, governance and appointments processes need significant reform after it and other central banks showed “complacency” about the threat of inflation, said a House of Lords report. The Lords economic
Hamas freed 17 captives including 14 Israeli civilians on Sunday as the precarious truce in Gaza stretched into a third day. The hostages, who were handed over to the International Committee of the Red Cross, were the third group to be released in as many days, and included three Thai nationals, according to Hamas and