Swiss bank UBS is reported to be axing 5,500 jobs, including 2,600 in investment banking, much of which is based in the City. This follows on from UBS writing £18.8 billion from the value of investments in the sub-prime crisis.
Swiss bank UBS is reported to be axing 5,500 jobs, including 2,600 in investment banking, much of which is based in the City. This follows on from UBS writing £18.8 billion from the value of investments in the sub-prime crisis.
New estimates on the number of jobs that could be lost in the city over the next two years have been released and numbers are as high as 20,000! Most of these will be seen in the banking sector but it is thought that construction could also see some heavy losses. Some 11,000 are expected this year and some 9,000 in 2009.
The Indian law firm FoxMandal Little is the first of its kind to launch in London. FoxMandal Little is India’s largest firm based on the number of lawyers that they employee. FoxMandal Little’s London office will start small and it is estimated that the City team will grow steadily to six or seven lawyers in a year’s time.
Flavio Briatore has smashed rental records by paying £600 a square foot in Sloane Street for his soon-to-open shop selling blazers, the previous highest was £500.
American Apparel has opened a store in Covent Garden’s Neal Street, as well as a store in Glasgow the previous week.
The London store has two floors with womens wear at ground level and unsurprisingly (disgruntled male speaking) the menswear is in the basement. American Apparel is set to become a major retail force with the opening of a store on Oxford Steet and another one being considered in Liverpool, they now have eight stores in the UK and they have interests in 10 countries.