Markets

Barclays chief executive Antony Jenkins has suggested the growing automation of the banking system could result in massive job losses over the next ten years.

The Federal Reserve has said US banks have enough capital to survive a severe economic downturn, as 17 out of 18 major institutions passed its annual stress tests.

Chancellor George Osborne is set to give incoming Bank of England Governor Mark Carney more powers in a bid to revive the flagging UK economy.

Sterling has jumped against the dollar, reversing this morning's losses, after the Bank of England's Monetary Policy Committee (MPC) voted to keep its quantitative easing programme unchanged at £375bn.

Sterling fell back this morning ahead of the Bank of England's Monetary Policy Committee (MPC) announcement as traders speculated whether the Bank will restart the printing presses to shore up the UK's economic recover.

ON UK GROWTH

Standard Life has revealed restructuring and regulatory costs brought on by the Retail Distribution Review (RDR) and Solvency II cost the business £109m last year, up from £70m in 2011.

Insurance firm Aviva suffered a loss of £3bn in 2012 due to a £3.3bn writedown from the sale of its US business last year.

Schroders has revealed its pre-tax profits fell 11% over the year to 31 December 2012, largely due to a slump in profits in the private banking arm.

Henderson's chief executive Andrew Formica has teamed up with Nichola Pease and a range of asset managers to launch an initiative to get young people in the UK work experience - and potentially jobs - in the City.