FT News Briefing Monday, August 12
Aug 12, 2019
Global investment banks are facing significant job cuts, with nearly 30,000 positions on the line. In a bold move, BlackRock has acquired an $870 million stake in Authentic Brands, which holds iconic rights to legends like Marilyn Monroe and Elvis Presley. Meanwhile, British workers are bracing for complications in the EU post-Brexit, potentially complicating even basic business tasks. The recent death of Jeffrey Epstein raises questions about implications for alleged victims and ongoing investigations into his estate.
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Banking Sector Downturn
- Investment banks face a tough outlook, cutting nearly 30,000 jobs since April.
- Falling interest rates, weak trading, and automation are impacting banks like HSBC, Barclays, and Deutsche Bank.
BlackRock's Private Equity Move
- BlackRock invests $870 million in Authentic Brands, owner of celebrity brand rights.
- This marks BlackRock's first major buyout, showing their move into private equity for better returns.
Brexit Travel Advice
- British workers need correct authorization for EU travel post no-deal Brexit.
- Companies risk fines, and workers might need country-specific permits for tasks beyond meetings.