Banks look set to avoid a windfall tax while dealmakers are getting laid off
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Good afternoon from Bloomberg’s UK finance team.
Jeremy Hunt offers lenders an olive branch on tax, Wall Street looks to grow its footprint beyond the City, while the bankers backing Elon Musk’s Twitter deal must be starting to sweat. Here’s five stories that sum up the past five days.
1) Bankers Grumble on Tax as UK Rewinds Surcharge Plans to 2021Even though UK chancellor Jeremy Hunt plans to cut the surcharge on UK banks, bankers are frustrated and argue the tax regime is one of the world’s most onerous. 2) Citigroup, Barclays Join Rivals in Cutting Investment-Banking JobsThe expected job cull on Wall Street has begun with lenders firing investment-bankers in response to plunging revenue from the business. 3) Wall Street Is Hiring More Bankers Outside London to Cut CostsFinancial hubs in cities such as Birmingham and Belfast are growing as firms target cheaper costs and skilled graduates.4) $17 Billion Chicago Hedge Follows Millennium and BlueCrest in Push to DubaiBalyasny will open an office in Dubai in 2023, becoming the latest hedge fund to expand to the emirate. 5) Musk Warns Twitter Bankruptcy Possible as Senior Executives ExitAnd if you thought your week was busy, here’s more on the tumultuous start to Musk’s reign at Twitter that’s seen mass layoffs and leaving Wall Street banks stuck with $13 billion of debt.
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