Law and business: commercial news round-up 31.10.14
updated on 31 October 2014
Lots of banking and housing news this week shows that market forces (ie, the decisions of business owners) are continuing to most effect ordinary people, while the flotation of a luxury car brand into a separate entity will excite investors at the other end of society. It’s all relevant for those hoping to demonstrate their suitability in an interview for a training contract at a commercial law firm, so be sure to take in this week’s business news and appraise yourself of what is going on in the key markets.
- Lloyds, the banking group which is 25%-owned by taxpayers after being bailed out in 2008, has announced plans to cut 9,000 jobs and close 200 branches despite recording a 35% rise in profits. The bank said its customers would benefit from an increase in digital services.
- The Co-Operative Bank has appointed a new chairman, Dennis Holt, to restore trust in the brand following a turbulent year for the bank in which a £1.5 billion hole was revealed in its finances.
- The European Banking Authority has said that 24 of Europe’s biggest banks have failed a ‘stress test’ and now have nine months to find billions in new funding.
- Nationwide, the United Kingdom’s second-biggest mortgage lender, has said that the rate at which housing prices are rising is showing signs of slowing down.
- Ferrari is to be made into a separate company by parent company Fiat Chrysler in order to make more money from the luxury sports-car brand and better distinguish it from its owner.
Be sure to check the News section every Friday afternoon for this weekly commercial news round-up. Follow @LawCareersNetUK and @CityLawLIVE on Twitter for instant business news updates.
