Month: July 2022

England is bracing for temperatures in excess of 40C, which would break the record set three years ago, prompting the UK’s National Weather Service to issue its first “red warning for exceptional heat”. “Early next week is likely to see exceptional temperatures, perhaps record highs,” said Paul Gundersen, the UK’s chief meteorologist. “There is a 50 per cent chance that we could see temperatures above 40C and an 80 per cent chance that a new maximum temperature will be reached.” He warned that this level of heat “may have adverse health effects”. The severe weather warning for Monday and Tuesday…

Wall Street’s latest deal boom began to falter in 2022. The industry is bracing for the slowdown to drag on into the second half of the year. Stimulus by governments and central bankers in response to the pandemic led to a rapid recovery from a recession and exuberant capital markets. That recovery, along with changes in the way customers and businesses operate, sent executives shopping for deals. A large number of startups went public. The result was a bonanza for Wall Street. Goldman Sachs and Morgan Stanley posted record profits. They struggled to hire enough workers and paid billions of…

Private equity managers are competing fiercely for talent as they try to develop their ability to raise money from wealthy individuals, a new and untapped source of capital for the industry. The biggest alternative asset managers have this year dramatically increased the pace of hiring in their private wealth divisions, the units focused on attracting capital from high-net-worth investors. This competition for market share and a relatively small pool of candidates has created intense competition for the best candidates and a wave of talent poaching from traditional financial services firms such as banks and mutual fund managers. Apollo Global Management,…

Barclays is to move to a new, larger office in Paris as major banks increasingly develop their trading functions in the French capital after Brexit. The UK lender has signed a 12-year lease for a new French headquarters at 52 Avenue Hoche in Paris and will occupy the new space in 2024, it said in a statement. The 11,500 sq m space is set to be remodeled to accommodate Barclays’ sales and trading business in Paris, which is expanding following the UK’s departure from the European Union. It will include a gym, restaurant, meeting center, auditorium and landscaped spaces, the…