THE MANAGEMENT crisis at Morgan Stanley has forced Standard & Poor's, the ratings agency, to lower its outlook on the investment bank's future performance adding to the pressure on Phil Purcell, the chief executive reports The Times .
The bank’s outlook rating has been reduced from “positive” to “stable”. There are only three possible outlook ratings, the worst being “negative”.The Times says the outlook downgrade does not immediately affect Morgan Stanley’s credit rating, which remains at A plus for long-term debt and A1 for short term.
Purcell forced the resignation of two senior executives this week to thwart an attempt at a boardroom coup says the paper. He wants the bank’s staff and its investors to believe that the dismissals put an end to the management unrest.
The banking chief reshuffled management after coming under attack from eight former executives who hold about $605 million (£322 milion) of shares in the firm. They say the bank’s share price has underperformed over the past four years.
NEARLY HALF of those working in Scottish financial services want to change jobs, according to a new survey, reports the Scotsman.
The paper claims the study has found almost a fifth of financial services employees put in an average of 50 hours a week, but 49% still feel guilty about not spending enough time at work.
Recruitment firm Robert Half says financial staff in Scotland are finding it hard to cope with increased workloads, longer working hours and stress as employers fail to address the issue of understaffing. Some 48% of respondents felt their organisation to be "understaffed" and 52% were unhappy with the benefits and salary they receive.
In addition 11% of those questioned said they looked for flexible hours while 9% said they looked for extra holidays. On the social side, 18% of respondents in Scotland spend time with colleagues out of the office one to three times a month, and one in ten at least once a week.
The gap between friends and colleagues is narrowing to the extent that 54% of those surveyed in Scotland had socialised with colleagues at the weekend at least once or twice.
SWITZERLAND’S CHALLENGE to London and other European financial centres in the eurobond market has scored its first success, says the Financial Times.
Some $125m (£66m) of eurobonds issued by Banco Itaú, a Brazilian bank, began trading in Zurich yesterday, the first time Switzerland has taken such business from the traditional centres of London and Luxembourg.
MEANWHILE BRITAIN’S RETAILERS are facing the toughest business climate since the aftermath of Black Wednesday more than 10 years ago as a combination of poor weather, higher utility bills and a slowing housing market affect activity, reports the Guardian.
After gloomy trading reports from leading chains such as Woolworths, Boots and Morrisons, the CBI has reported that sales for the sector in March fell short of what were already downbeat forecasts.
The paper says analysts are predicting a spate of spring bargains for consumers as retailers seek to rid themselves of unsold stocks. Of the 200 firms to respond to the CBI's distributive trades survey in the first half of March, only 10% have said business was good for the time of year, against 47% who said it was bad.
The CBI says the gap of 37 points was the poorest result since November 1992, two months after the UK suffered the psychological shock of sterling crashing out of the exchange rate mechanism.IFAonline
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