Some companies define their space, and for decades, this was true of Thomas Cook, the world’s oldest travel firm. Longevity was not enough to save it, as it succumbed to mounting debt and pressure from new, agile industry players as well as consumers who became adept at developing their own travel itineraries. Thomas Cook may go down in history books as a sad example of unsuccessful adaptation to changing times.
Voters in the United Kingdom handed Prime Minister Boris Johnson and his Conservative Party a resounding victory via the recent election. Apparently believing that his plan would be the best horse to ride out of the Brexit quagmire in which the nation finds itself, Johnson has a strong mandate to meet successfully the 2020 deadlines: EU exit in January and EU trade deal by year’s end. Can he do it?
Banks increased their recruitment of temporary Accounting & Finance professionals across both Regulatory Reporting and Product Control as the summer hiring lull ended. A number of external factors have played a key role so far this year, not least Brexit uncertainty and the impact of IR35 on longer term contract opportunities.
“The times they are a-Changin’” sung Bob Dylan in the 1960’s as the civil rights movement swept through the US and changed the direction of a Nation forever.Fast forward to 2019 and this anthem of change rings true for the banking sector. Whether it be emerging FinTech start-ups, regulatory bodies or the changing demands of their customers, it’s an industry that is being disrupted from all sides.
Misgivings about the ultimate outcome of Brexit have delivered a blow to the UK’s once-hot housing market. Buyers are reluctant to buy, and sellers are hesitant to sell—until there is more clarity on Brexit. House prices are trending lower, with few exceptions. As October 31, the new Brexit deadline, draws nearer, house buyers and sellers will watch developments closely and hope for a final resolution.
The US economy is on track to break its own record; its current 115 months of expansion is only five months shy of the record set in the 1990s. The next recession will come, maybe soon, as the economy succumbs to factors such as policy errors, foreign growth and corporate profit. And the United States will not fall alone; other Western Hemisphere countries will be dragged down with it.
Brexit looms large over all aspects of the UK’s banking sector, including hiring plans. Continued uncertainty about what direction the UK/EU divorce proceedings will go (if they go at all) has organisations on edge, but that didn’t stop them from hiring last year, research shows. Retaining existing top-notch talent was a priority, but attracting new, highly skilled professionals was also a common goal, with UK banks topping the hiring charts.
The Great Recession produced a number of aftershocks, including a tidal wave of regulations (with the?) intent on preventing the same event from ever happening again. A mismatch between increasingly complex and detailed international standards and ever more uneven implementation by national authorities ensued. Consistent, harmonized adoption of financial standards by all involved is necessary to ensure smooth global processes. Some suggestions are presented in this article.
Over the past year, we have seen the UK financial services industry undergo significant changes, with new regulations such as PSD2 driving innovation and changing the way we send and receive money. But what does 2019 hold? A number of key events are on the horizon that make the coming year an uncertain one for the UK’s financial services firms.
The European Commission’s Capital Markets Union Action Plan, introduced three years ago, is intended to make capital more readily available to businesses and encourage economic and job growth within the EU. Substantial strides have been made, yet there is much more to do, especially as subsequent events such as Brexit have altered the landscape. How far has the CMU Action Plan progressed to date, and how much farther has it still to go?