CINXE.COM
Financials
<!DOCTYPE html><html lang="en-GB" class="no-js core o-typography--loading-sans o-typography--loading-sans-bold o-typography--loading-display o-typography--loading-display-bold" data-o-component="o-typography" style="overflow-x:hidden;background-color:#fff1e5;color:#33302e"><head><meta charSet="utf-8"/><meta http-equiv="X-UA-Compatible" content="IE=edge"/><meta name="viewport" content="width=device-width, initial-scale=1"/><title>Financials</title><meta name="description" content="The latest financial news and top stories from companies around the world. Market insights and in-depth financial analysis across every industry and sector."/><link rel="canonical" href="https://www.ft.com/financials"/><meta name="robots" content="index,follow,max-snippet:200,max-image-preview:large"/><meta name="google-site-verification" content="4-t8sFaPvpO5FH_Gnw1dkM28CQepjzo8UjjAkdDflTw"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"WebSite","name":"Financial Times","alternateName":"FT.com","url":"https://www.ft.com/"}</script><meta property="fb:pages" content="8860325749"/><meta property="twitter:site" content="@FinancialTimes"/><meta property="twitter:card" content="summary_large_image"/><meta property="og:title" content="Financials"/><meta property="og:description" content="The latest financial news and top stories from companies around the world. Market insights and in-depth financial analysis across every industry and sector."/><meta property="og:image" content="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__assets%2Fcreatives%2Fopen-graph%2Fft-v1.jpg?source=next-opengraph&fit=scale-down&width=900"/><meta property="og:url" content="https://www.ft.com/financials"/><meta property="og:type" content="website"/><meta name="apple-itunes-app" content="app-id=1200842933, app-argument=https://www.ft.com/financials"/><link rel="icon" type="image/svg+xml" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=svg"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=32&height=32" sizes="32x32"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=194&height=194" sizes="194x194"/><link rel="apple-touch-icon" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=180&height=180" sizes="180x180"/><link rel="manifest" href="https://www.ft.com/__assets/creatives/manifest/manifest-v6.json"/><link rel="alternate" type="application/rss+xml" href="https://www.ft.com/financials?format=rss"/><script> !function(e,n,t,i,o,r){function c(e){if("number"!=typeof e)return e;var n=new Date;return new Date(n.getTime()+1e3*e)}var a=4e3,s="xnpe_async_hide";function p(e){return e.reduce((function(e,n){return e[n]=function(){e._.push([n.toString(),arguments])},e}),{_:[]})}function m(e,n,t){var i=t.createElement(n);i.src=e;var o=t.getElementsByTagName(n)[0];return o.parentNode.insertBefore(i,o),i}function u(e){return"[object Date]"===Object.prototype.toString.call(e)}r.target=r.target,r.file_path=r.file_path||r.target+"/js/exponea.min.js",o[n]=p(["anonymize","initialize","identify","update","track","trackLink","trackEnhancedEcommerce","getHtml","showHtml","showBanner","showWebLayer","ping","getAbTest","loadDependency","getRecommendation","reloadWebLayers"]),o[n].notifications=p(["isAvailable","isSubscribed","subscribe","unsubscribe"]),o[n]["snippetVersion"]="v2.3.0",function(e,n,t){e[n]["_"+t]={},e[n]["_"+t].nowFn=Date.now,e[n]["_"+t].snippetStartTime=e[n]["_"+t].nowFn()}(o,n,"performance"),function(e,n,t,i,o,r){e[o]={sdk:e[i],sdkObjectName:i,skipExperiments:!!t.new_experiments,sign:t.token+"/"+(r.exec(n.cookie)||["","new"])[1],path:t.target}}(o,e,r,n,i,RegExp("__exponea_etc__"+"=([\w-]+)")),function(e,n,t){m(e.file_path,n,t)}(r,t,e),function(e,n,t,i,o,r,p){if(e.new_experiments){!0===e.new_experiments&&(e.new_experiments={});var f,l=e.new_experiments.hide_class||s,_=e.new_experiments.timeout||a,d=encodeURIComponent(r.location.href.split("#")[0]);e.cookies&&e.cookies.expires&&("number"==typeof e.cookies.expires||u(e.cookies.expires)?f=c(e.cookies.expires):e.cookies.expires.tracking&&("number"==typeof e.cookies.expires.tracking||u(e.cookies.expires.tracking))&&(f=c(e.cookies.expires.tracking))),f&&f<new Date&&(f=void 0);var x=e.target+"/webxp/"+n+"/"+r[t].sign+"/modifications.min.js?http-referer="+d+"&timeout="+_+"ms"+(f?"&cookie-expires="+Math.floor(f.getTime()/1e3):"");"sync"===e.new_experiments.mode&&r.localStorage.getItem("__exponea__sync_modifications__")?function(e,n,t,i,o){t[o][n]="<"+n+' src="'+e+'"></'+n+">",i.writeln(t[o][n]),i.writeln("<"+n+">!"+o+".init && document.writeln("+o+"."+n+'.replace("/'+n+'/", "/'+n+'-async/").replace("><", " async><"))</'+n+">")}(x,n,r,p,t):function(e,n,t,i,o,r,c,a){r.documentElement.classList.add(e);var s=m(t,i,r);function p(){o[a].init||m(t.replace("/"+i+"/","/"+i+"-async/"),i,r)}function u(){r.documentElement.classList.remove(e)}s.onload=p,s.onerror=p,o.setTimeout(u,n),o[c]._revealPage=u}(l,_,x,n,r,p,o,t)}}(r,t,i,0,n,o,e),function(e,n,t){e[n].start=function(i){i&&Object.keys(i).forEach((function(e){return t[e]=i[e]})),e[n].initialize(t)}}(o,n,r)}(document,"exponea","script","webxpClient",window,{ target: 'https://bloomreach.ft.com', token: 'd6e5bd4c-9228-11eb-a414-9a67e462410e', }); </script><link rel="preconnect" href="https://spoor-api.ft.com"/><link rel="preconnect" href="https://session-next.ft.com" crossorigin="use-credentials"/><link rel="preconnect" href="https://ads-api.ft.com"/><link rel="preconnect" href="https://securepubads.g.doubleclick.net"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.2489976c3d58.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-components.070b1f812174.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.214970b042c4.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.982ba992579b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.283ec7ebd474.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.stable.037ec70887a8.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.618c1f5e7d45.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/next-myft-client.a41a3780b718.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/next-session-client.19f4ba5f2394.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.a30feb0c518d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.96cbe0f55417.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.753469c5222b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.9e7c7cefef66.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.0e54e2513d4a.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.c810cae1ce72.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.f3e0fd0a0e5f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.7b93e03a650b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.17b40ddf7225.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-lazy-load.49eda143a1fb.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.77aca9865762.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/superstore.53b1a034a69c.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/privacy-components.7cb44647b37f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.e2be59b89c74.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/preact.e3c1ca203708.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.e4a74c83e104.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/js-cookie.58f6a17be326.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.2c546653732e.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/665.6093ece9c054.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/scripts.5cf200589849.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://consent-notice.ft.com/cmp.js" type="application/javascript"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Regular&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Semibold&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Regular&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Bold&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><script id="initial-props" type="application/json"></script><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-layout-styles.63c04a8373b0.css"/><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/styles.1d1d3640e3c7.css"/><script type="application/json" id="page-kit-bootstrap-config">{"trackErrors":true,"core":[],"enhanced":["https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.2489976c3d58.bundle.js","https://www.ft.com/__assets/hashed/page-kit/page-kit-components.070b1f812174.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.214970b042c4.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.982ba992579b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.283ec7ebd474.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.stable.037ec70887a8.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.618c1f5e7d45.bundle.js","https://www.ft.com/__assets/hashed/page-kit/next-myft-client.a41a3780b718.bundle.js","https://www.ft.com/__assets/hashed/page-kit/next-session-client.19f4ba5f2394.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.a30feb0c518d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.96cbe0f55417.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tooltip.753469c5222b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.9e7c7cefef66.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.0e54e2513d4a.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.c810cae1ce72.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.f3e0fd0a0e5f.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.7b93e03a650b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.17b40ddf7225.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-lazy-load.49eda143a1fb.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.77aca9865762.bundle.js","https://www.ft.com/__assets/hashed/page-kit/superstore.53b1a034a69c.bundle.js","https://www.ft.com/__assets/hashed/page-kit/privacy-components.7cb44647b37f.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.e2be59b89c74.bundle.js","https://www.ft.com/__assets/hashed/page-kit/preact.e3c1ca203708.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.e4a74c83e104.bundle.js","https://www.ft.com/__assets/hashed/page-kit/js-cookie.58f6a17be326.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.2c546653732e.bundle.js","https://www.ft.com/__assets/hashed/page-kit/665.6093ece9c054.bundle.js","https://www.ft.com/__assets/hashed/page-kit/scripts.5cf200589849.bundle.js","https://consent-notice.ft.com/cmp.js"]}</script><script>;(function () { var doc = document.documentElement var isEnhanced = isEnhancedBrowser() var scriptsConfig = getScriptsConfig() var scriptsToLoad = [] var currentScript = document.scripts[document.scripts.length - 1] doc.className = doc.className.replace('no-js', 'js') if (isEnhanced) { doc.className = doc.className.replace('core', 'enhanced') Array.prototype.push.apply(scriptsToLoad, scriptsConfig.enhanced) } else { Array.prototype.push.apply(scriptsToLoad, scriptsConfig.core) } for (var i = 0, len = scriptsToLoad.length; i < len; i++) { loadScript(scriptsToLoad[i]) } function scriptLoadError(error) { var script = error.target ? error.target.src : null if (script) { console.error('The script ' + script + ' failed to load') // eslint-disable-line no-console } const scriptHost = new URL(script).hostname if (/enhanced/.test(doc.className)) { if (scriptHost === 'www.ft.com') { console.warn('Script loading failed, reverting to core experience') // eslint-disable-line no-console doc.className = doc.className.replace('enhanced', 'core') } else { console.warn('Third-party script, not reverting to core experience') // eslint-disable-line no-console } } if (scriptsConfig.trackErrors) { addErrorTrackingPixel(script) } } function loadScript(src) { var script = document.createElement('script') script.onerror = scriptLoadError script.async = false script.src = src currentScript.parentNode.insertBefore(script, currentScript) } // "Cut the mustard" test // by Maggie Allen and Matt Hinchliffe November 2018 function isEnhancedBrowser() { var script = document.createElement('script') var input = document.createElement('input') return ( 'visibilityState' in document && // not supported by old Android (4.0-4.4) without a prefix 'indeterminate' in input && // not supported by BB 10 'flex' in doc.style && // not supported by old Safari (< 9) or IE 6-10 'async' in script // not supported by old Opera (Presto engine < 15) ) } function getScriptsConfig() { var scriptsConfigEl = document.getElementById('page-kit-bootstrap-config') var scriptsConfig = { core: [], enhanced: [], trackErrors: false } if (scriptsConfigEl) { try { scriptsConfig = JSON.parse(scriptsConfigEl.innerHTML) } catch (error) { console.error('Bootstrap configuration error', error) // eslint-disable-line no-console } } return scriptsConfig } function addErrorTrackingPixel(script) { var img = new Image() var data = JSON.stringify({ category: 'javascript', action: 'load-error', system: { source: 'page-kit' }, context: { script: script } }) img.src = 'https://spoor-api.ft.com/px.gif?data=' + encodeURIComponent(data) } })() </script><script>(function(w,d,s,l){ w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'}); var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:''; j.async=true; j.src='https://www.ft.com/page-resources/'+dl; f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer');</script><script>(function loadCustomFonts() { var rootElement = document.documentElement; if (/(^|\s)o-typography-fonts-loaded=1(;|$)/.test(document.cookie)) { var fontLabels = ['sans', 'sans-bold', 'display', 'display-bold']; for (var i = 0; i < fontLabels.length; i++) { rootElement.className = rootElement.className.replace('o-typography--loading-' + fontLabels[i], ''); } } }());</script></head><body><noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-NWQJW68" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><div class="n-layout"><a data-trackable="a11y-skip-to-help" class="n-layout__skip-link" href="https://www.ft.com/accessibility">Accessibility help</a><a data-trackable="a11y-skip-to-navigation" class="n-layout__skip-link" href="#site-navigation">Skip to navigation</a><a data-trackable="a11y-skip-to-content" class="n-layout__skip-link" href="#site-content">Skip to content</a><a data-trackable="a11y-skip-to-footer" class="n-layout__skip-link" href="#site-footer">Skip to footer</a><div class="n-layout__row n-layout__row--header"><div class="n-layout__header-before"><div id="n-exponea-bottom-slot"></div><div class="o-ads o-ads--center o-ads--background o-ads--transition o-ads--reserve-90 above-header-advert" data-o-ads-init="true" data-o-ads-name="leaderboard" data-o-ads-targeting="pos=top" data-o-ads-formats="MediumRectangle" data-o-ads-formats-medium="Leaderboard,FullBleedResponsive,Responsive,OneByOne" data-o-ads-formats-large="SuperLeaderboard,Leaderboard,FullBleedResponsive,Responsive,OneByOne" data-o-ads-formats-extra="Billboard,SuperLeaderboard,Leaderboard,FullBleedResponsive,Responsive,OneByOne"></div></div><header id="site-navigation" class="o-header o-header--simple" data-o-component="o-header" data-o-header--no-js="true" tabindex="-1"><div class="o-header__row o-header__anon" data-trackable="header-anon"><ul class="o-header__anon-list"><li class="o-header__anon-item"><a class="o-header__anon-link" href="/login?location=/financials" data-trackable="Sign In">Sign In</a></li><li class="o-header__anon-item"><a class="o-header__anon-link" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a></li></ul></div><div class="o-header__row o-header__top" data-trackable="header-top"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#o-header-drawer" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" title="Open side navigation menu" data-trackable="drawer-toggle"><span class="o-header__top-link-label">Open side navigation menu</span></a><a href="#o-header-search-primary" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-primary" title="Open search bar" data-trackable="search-toggle"><span class="o-header__top-link-label">Open search bar</span></a></div><div class="o-header__top-column o-header__top-column--center"><a class="o-header__top-logo" style="background-image:none" data-trackable="logo" href="/" title="Go to Financial Times homepage"><svg viewBox="0 0 1054 86"><title>Financial Times</title><path d="M26.177 72.609c0 5.938 1.697 7.295 12.554 7.295v3.732H.9v-3.732c7.464 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.546-7.126-10.01-7.126V1.357h63.448l.34 22.563h-3.054C59.937 6.956 55.696 5.43 39.919 5.43H26.008v33.59h11.196c10.688 0 11.367-1.697 12.215-10.179h3.054v24.599h-3.054c-.848-8.482-1.527-10.01-12.215-10.01H26.008v29.18h.17zm46.314 11.027v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732H72.49zm115.36 1.357l-56.323-69.725V72.44c0 6.617 4.58 7.634 12.385 7.634v3.733h-29.858v-3.733c7.803 0 12.045-1.017 12.045-7.634V8.991c-3.563-3.732-6.108-3.902-12.045-3.902V1.357h26.465l43.09 55.475V12.554c0-6.616-4.58-7.634-12.384-7.634V1.357h30.027V5.09c-7.803 0-12.045 1.018-12.045 7.635v72.27h-1.357zm40.207-1.357h-29.689v-3.732c7.804 0 11.367-1.018 13.911-7.804L239.085.509h7.464l28.84 72.1c2.545 6.447 3.732 7.125 9.67 7.125v3.732h-34.438v-3.732c10.518 0 11.536-.848 8.99-7.125l-8.481-21.884h-25.787L217.71 71.93c-2.375 6.447 1.357 7.804 10.518 7.804v3.902h-.17zm-1.188-37.153h22.393l-11.705-29.518-10.688 29.518zm135.548 38.51l-56.153-69.725V72.44c0 6.617 4.58 7.634 12.384 7.634v3.733h-29.18v-3.733c7.126 0 11.367-1.017 11.367-7.634V9.161c-4.071-3.732-7.125-4.072-13.91-4.072V1.357h28.16l43.09 55.475V12.554c0-6.616-4.58-7.634-12.383-7.634V1.357h29.858V5.09c-7.804 0-12.045 1.018-12.045 7.635v72.27h-1.188zm83.297-83.805h2.036l1.187 24.598-3.053.17c-2.036-14.08-9.5-21.545-23.242-21.545-15.268 0-26.804 13.063-26.804 33.081 0 25.617 16.116 40.206 33.08 40.206 7.296 0 13.912-2.035 20.358-8.99l2.376 2.374c-5.26 7.465-15.608 13.742-29.52 13.742-20.696 0-41.732-15.608-41.732-41.734C380.4 17.813 399.57 0 422.813 0c11.027 0 16.795 4.75 19.848 4.75 1.357 0 2.375-1.187 3.054-3.562zm12.723 82.448v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.464 0-10.01.679-10.01 7.126v60.564c0 6.446 2.546 7.125 10.01 7.125v3.732h-35.287zm68.538 0h-27.653v-3.732c6.108 0 9.331-1.018 11.876-7.804L538.003.509h7.464l28.84 72.1c2.545 6.447 3.733 7.125 9.67 7.125v3.732H549.54v-3.732c10.518 0 11.536-.848 8.991-7.125l-8.482-21.884h-25.786l-7.635 21.205c-2.375 6.447 1.358 7.804 10.519 7.804v3.902h-.17zm-1.188-37.153h22.394l-11.536-29.518-10.858 29.518zm63.957 37.153v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.117V5.09c-7.464 0-9.84.679-9.84 7.126v61.073c0 5.428 2.715 6.107 7.126 6.107h4.241c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.545 24.26h-62.6v.17zM760.75 1.357l.339 23.92h-3.054C756.34 7.634 752.098 5.43 736.32 5.43h-5.089v67.18c0 6.447 2.375 7.295 12.554 7.295v3.732h-40.376v-3.732c10.179 0 12.723-1.018 12.723-7.295V5.429h-5.089c-15.777 0-20.018 2.205-21.715 19.848h-3.053l.339-23.92h74.136zm7.973 82.28v-3.733c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732h-35.287zM910.21 1.356V5.09c-7.465 0-10.688.34-10.01 6.956l6.447 61.073c.679 6.277 3.054 6.955 10.518 6.955v3.733h-35.117v-3.733c7.295 0 9.84-.678 9.331-6.955L884.762 8.99l-25.956 76.172h-1.018L832.34 8.822l-6.108 64.126c-.678 6.447 3.733 7.125 11.197 7.125v3.733h-27.483v-3.733c7.465 0 10.01-1.187 10.518-7.125l6.447-61.073c.679-6.446-2.545-6.955-10.01-6.955V1.357h28.84l17.305 56.153 18.661-56.153h28.5zm65.653 52.082h-3.053c-.849-8.482-1.527-10.01-12.215-10.01H948.04v29.859c0 5.428 2.715 6.107 7.125 6.107h6.786c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.884 24.26h-64.805v-3.733c7.464 0 10.009-.678 10.009-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h62.261l.34 20.527h-3.054c-1.866-14.59-5.598-16.286-21.885-16.286H948.21v33.42h12.554c10.687 0 11.366-1.696 12.214-10.178h3.054v24.599h-.17zm65.484 13.232c0-7.464-4.75-11.196-12.893-15.777l-13.063-6.786c-9.84-5.259-15.607-11.027-15.607-21.375C999.783 9.84 1010.81 0 1025.23 0c9.84 0 14.929 4.75 17.813 4.75 1.866 0 2.714-1.187 3.562-3.562h2.375l1.188 23.072-3.054.17c-1.696-11.198-9.67-19.85-20.866-19.85-8.483 0-14.081 5.09-14.081 12.215 0 7.804 5.937 11.027 12.554 14.59l11.196 5.937c10.519 5.768 17.983 11.536 17.983 22.563 0 14.59-12.554 24.939-28.161 24.939-11.028 0-16.456-5.26-19.34-5.26-1.866 0-2.884 1.697-3.732 4.242h-2.376l-1.696-24.43 3.054-.339c2.375 15.268 12.893 21.545 23.411 21.545 8.822-.17 16.286-4.071 16.286-13.91z" fill="#231F20" fill-rule="evenodd"></path></svg></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/financials" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-primary" class="o-header__row o-header__search o-header__search--primary" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-primary" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-primary" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-primary"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-primary" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div><nav id="o-header-nav-desktop" class="o-header__row o-header__nav o-header__nav--desktop" role="navigation" aria-label="Primary navigation" data-trackable="header-nav:desktop"><div class="o-header__container"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" id="o-header-link-0" data-trackable="Home">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" id="o-header-link-1" data-trackable="World">World</a><div class="o-header__mega" id="o-header-mega-1" role="group" aria-labelledby="o-header-link-1" data-o-header-mega="true" data-trackable="meganav | World"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world" data-trackable="link">World Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-war" data-trackable="link">Middle East war</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/global-economy" data-trackable="link">Global Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world-uk" data-trackable="link">UK</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/china" data-trackable="link">China</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/africa" data-trackable="link">Africa</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/asia-pacific" data-trackable="link">Asia Pacific</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/emerging-markets" data-trackable="link">Emerging Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/europe" data-trackable="link">Europe</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/war-in-ukraine" data-trackable="link">War in Ukraine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/americas" data-trackable="link">Americas</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-north-africa" data-trackable="link">Middle East & North Africa</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c169189c-4642-4037-b64f-9631ac61a7c7" data-trackable="link">Putin sets tough conditions for Ukraine ceasefire</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b1bf0858-d7d5-489d-8d61-02997d2f4aec" data-trackable="link">Tariffs on goods may be a prelude to tariffs on money</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/873d5289-637e-4819-9fa1-bf4c105ddb03" data-trackable="link">G7 warns Russia of expanded sanctions unless it backs ceasefire</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/605295c5-dc8f-4247-ba35-8036b5058915" data-trackable="link">Tesla warns Trump administration it is ‘exposed’ to retaliatory tariffs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/532ea690-0940-4155-ae85-6decc170849d" data-trackable="link">Ukraine ceasefire: what is Putin’s game?</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" id="o-header-link-2" data-trackable="US">US</a><div class="o-header__mega" id="o-header-mega-2" role="group" aria-labelledby="o-header-link-2" data-o-header-mega="true" data-trackable="meganav | US"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-economy" data-trackable="link">US Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/investing-in-america" data-trackable="link">Investing in America</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-companies" data-trackable="link">US Companies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-politics-policy" data-trackable="link">US Politics & Policy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-presidential-election-2024" data-trackable="link">US Presidential Election 2024</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c169189c-4642-4037-b64f-9631ac61a7c7" data-trackable="link">Putin sets tough conditions for Ukraine ceasefire</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b1bf0858-d7d5-489d-8d61-02997d2f4aec" data-trackable="link">Tariffs on goods may be a prelude to tariffs on money</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/873d5289-637e-4819-9fa1-bf4c105ddb03" data-trackable="link">G7 warns Russia of expanded sanctions unless it backs ceasefire</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/605295c5-dc8f-4247-ba35-8036b5058915" data-trackable="link">Tesla warns Trump administration it is ‘exposed’ to retaliatory tariffs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/532ea690-0940-4155-ae85-6decc170849d" data-trackable="link">Ukraine ceasefire: what is Putin’s game?</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" id="o-header-link-3" data-trackable="Companies">Companies</a><div class="o-header__mega" id="o-header-mega-3" role="group" aria-labelledby="o-header-link-3" data-o-header-mega="true" data-trackable="meganav | Companies"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/companies" data-trackable="link">Companies Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/energy" data-trackable="link">Energy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/financials" aria-label="Financials, current page" aria-current="page" data-trackable="link">Financials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/health" data-trackable="link">Health</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/industrials" data-trackable="link">Industrials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/media" data-trackable="link">Media</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/professional-services" data-trackable="link">Professional Services</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/retail-consumer" data-trackable="link">Retail & Consumer</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology-sector" data-trackable="link">Tech Sector</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/telecoms" data-trackable="link">Telecoms</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/transport" data-trackable="link">Transport</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/605295c5-dc8f-4247-ba35-8036b5058915" data-trackable="link">Tesla warns Trump administration it is ‘exposed’ to retaliatory tariffs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/1f8242d1-9f7a-4c46-b2ac-a8fc5b341aa8" data-trackable="link">Germany’s Merz agrees spending deal with Greens</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/564d58c6-3013-4a4c-b7be-53a993b0f7d9" data-trackable="link">EU to remove 4 Russian nationals from sanctions list </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fe4dcf71-048c-4e1d-a076-875403b9108f" data-trackable="link">Goldman pay surges 30% for handful of top executives</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/98ec31de-7729-426e-a4d2-2ae0158ccf5d" data-trackable="link">Deutsche Bank reviews Canary Wharf presence</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" id="o-header-link-4" data-trackable="Tech">Tech</a><div class="o-header__mega" id="o-header-mega-4" role="group" aria-labelledby="o-header-link-4" data-o-header-mega="true" data-trackable="meganav | Tech"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology" data-trackable="link">Tech Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/artificial-intelligence" data-trackable="link">Artificial intelligence</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/semiconductors" data-trackable="link">Semiconductors</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/cyber-security" data-trackable="link">Cyber Security</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/social-media" data-trackable="link">Social Media</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b2d084f8-1655-43fe-be9e-4b44a2fa9c4f" data-trackable="link">Rise of the AI apps</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fb5c11bb-1d4b-465f-8283-451a19a3d425" data-trackable="link">DeepSeek focuses on research over revenue in contrast to Silicon Valley</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fefa0ad8-fb28-44be-a169-237fa1badfec" data-trackable="link">Spotify cranks up the profit dial</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/cc290f55-e45a-42b1-bf2d-cf323053fade" data-trackable="link">Trump tariffs are proving ‘big headache’ for tech giants, says Foxconn</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/942d37f4-9d34-47e7-86a1-6925cfbbf9f8" data-trackable="link">It’s time for Europe’s deep tech companies to go big</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" id="o-header-link-5" data-trackable="Markets">Markets</a><div class="o-header__mega" id="o-header-mega-5" role="group" aria-labelledby="o-header-link-5" data-o-header-mega="true" data-trackable="meganav | Markets"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/markets" data-trackable="link">Markets Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/alphaville" data-trackable="link">Alphaville</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://markets.ft.com/data" data-trackable="link">Markets Data</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/crypto" data-trackable="link">Crypto</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/capital-markets" data-trackable="link">Capital Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/commodities" data-trackable="link">Commodities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/currencies" data-trackable="link">Currencies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/equities" data-trackable="link">Equities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-wealth-management" data-trackable="link">Wealth Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/moral-money" data-trackable="link">Moral Money</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/etf-hub" data-trackable="link">ETF Hub</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/fund-management" data-trackable="link">Fund Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-trading-room" data-trackable="link">Trading</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6ae8d102-7864-4829-8c1c-61fa56f4e70f" data-trackable="link">Why it might get worse for US stocks</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2289b4de-6a6d-4df3-b98d-e277906440af" data-trackable="link">From London to New York via Switzerland: the booming trade in gold bars</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/7e66952e-b50b-414f-b5a0-cff63e4dbd46" data-trackable="link">What we need to see to go all in on European stocks</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a374db6d-5cb3-4097-a44f-b4335fa456e4" data-trackable="link">Crispin Odey makes courtroom visit to Staley case over Epstein ties</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/862dff9b-4e73-4835-979c-a3f124304111" data-trackable="link">Gold hits $3,000 for first time on global growth fears</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" id="o-header-link-6" data-trackable="Climate">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" id="o-header-link-7" data-trackable="Opinion">Opinion</a><div class="o-header__mega" id="o-header-mega-7" role="group" aria-labelledby="o-header-link-7" data-o-header-mega="true" data-trackable="meganav | Opinion"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/opinion" data-trackable="link">Opinion Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/columnists" data-trackable="link">Columnists</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-view" data-trackable="link">The FT View</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/the-big-read" data-trackable="link">The Big Read</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/lex" data-trackable="link">Lex</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/obituaries" data-trackable="link">Obituaries</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/letters" data-trackable="link">Letters</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b1bf0858-d7d5-489d-8d61-02997d2f4aec" data-trackable="link">Tariffs on goods may be a prelude to tariffs on money</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/a8016c64-63b7-458b-a371-e0e1c54a13fc" data-trackable="link">Have humans passed peak brain power?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6ae8d102-7864-4829-8c1c-61fa56f4e70f" data-trackable="link">Why it might get worse for US stocks</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/7e66952e-b50b-414f-b5a0-cff63e4dbd46" data-trackable="link">What we need to see to go all in on European stocks</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/4a09e73d-069f-42c1-bc4c-1d8537c0f00c" data-trackable="link">Trump’s incoherent economic agenda</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" id="o-header-link-8" data-trackable="Lex">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" id="o-header-link-9" data-trackable="Work & Careers">Work & Careers</a><div class="o-header__mega" id="o-header-mega-9" role="group" aria-labelledby="o-header-link-9" data-o-header-mega="true" data-trackable="meganav | Work & Careers"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/work-careers" data-trackable="link">Work & Careers Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/business-education" data-trackable="link">Business School Rankings</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-education" data-trackable="link">Business Education</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="link">Europe's Start-Up Hubs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/entrepreneurship" data-trackable="link">Entrepreneurship</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/recruitment" data-trackable="link">Recruitment</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-books" data-trackable="link">Business Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-travel" data-trackable="link">Business Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/working-it" data-trackable="link">Working It</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fe4dcf71-048c-4e1d-a076-875403b9108f" data-trackable="link">Goldman pay surges 30% for handful of top executives</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/04e22870-e74e-4111-bbdb-535e3bb53bcd" data-trackable="link">Deutsche Bank’s highest-paid employee in line to earn nearly twice as much as chief</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/aa8546f5-2bfc-4bb0-9ced-5b988059f905" data-trackable="link">Davos organiser promises revamp after probe into workplace discrimination</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2a5c5bc5-5b5a-4ae7-a967-4d162f7a8492" data-trackable="link">‘Rent-a-chair’ salons create crisis for hairdressing bosses</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/e4746ae6-4ce0-40ee-a94f-8a3528e539f9" data-trackable="link">How female content creators are bringing F1 to a new generation</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" id="o-header-link-10" data-trackable="Life & Arts">Life & Arts</a><div class="o-header__mega" id="o-header-mega-10" role="group" aria-labelledby="o-header-link-10" data-o-header-mega="true" data-trackable="meganav | Life & Arts"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/life-arts" data-trackable="link">Life & Arts Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/arts" data-trackable="link">Arts</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/books" data-trackable="link">Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/food-drink" data-trackable="link">Food & Drink</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/magazine" data-trackable="link">FT Magazine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/house-home" data-trackable="link">House & Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/style" data-trackable="link">Style</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/puzzles-games" data-trackable="link">Puzzles</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/travel" data-trackable="link">Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/globetrotter" data-trackable="link">FT Globetrotter</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2877a710-8090-4104-b9c3-42a6b2d3a98f" data-trackable="link">S Jaishankar: ‘The virtues of the old world order are exaggerated’</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/44203051-afcf-4c59-b758-b588bb8aae5f" data-trackable="link">Inside the downfall of trading titan and Blackpool FC owner Simon Sadler</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/b001c29d-e515-4907-bf56-a8477201e79f" data-trackable="link">Art lenders issue margin calls as painting prices fall</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/10838d2d-6564-498a-8487-097c76f907e0" data-trackable="link">Kering shares slump after Demna named Gucci creative director</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/80093a82-e49e-425a-9098-dc51b1688e40" data-trackable="link">Why polynucleotides are the new Botox</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" id="o-header-link-11" data-trackable="HTSI">HTSI</a></li></ul></div></nav><div class="o-header__subnav" role="navigation" aria-label="Sub navigation" data-o-header-subnav="true" data-trackable="header-subnav"><div class="o-header__container"><div class="o-header__subnav-wrap-outside"><div class="o-header__subnav-wrap-inside" data-o-header-subnav-wrapper="true"><div class="o-header__subnav-content"><ol class="o-header__subnav-list o-header__subnav-list--breadcrumb" aria-label="Breadcrumb" data-trackable="breadcrumb"><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/companies" data-trackable="Companies">Companies</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link o-header__subnav-link--highlight" href="/financials" aria-label="Financials, current page" aria-current="page" data-trackable="Financials">Financials</a></li></ol><ul class="o-header__subnav-list o-header__subnav-list--children" aria-label="Subsections" data-trackable="subsections"><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/banks" data-trackable="Banks">Banks</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/insurance" data-trackable="Insurance">Insurance</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/property-sector" data-trackable="Property">Property</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/financial-services" data-trackable="Financial Services">Financial Services</a></li></ul></div></div><button class="o-header__subnav-button o-header__subnav-button--left" title="scroll left" aria-label="scroll left" aria-hidden="true" disabled=""></button><button class="o-header__subnav-button o-header__subnav-button--right" title="scroll right" aria-label="scroll right" aria-hidden="true" disabled=""></button></div></div></div></header><header class="o-header o-header--simple o-header--sticky o--if-js" data-o-component="o-header" data-o-header--sticky="true" aria-hidden="true"><div class="o-header__row o-header__top" data-trackable="header-sticky"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" data-trackable="drawer-toggle" tabindex="-1"><span class="o-header__top-link-label">Menu</span></a><a href="#" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-sticky" data-trackable="search-toggle" tabindex="-1"><span class="o-header__top-link-label">Search</span></a></div><div class="o-header__top-column o-header__top-column--center"><div class="o-header__top-takeover"><div class="o-header__nav"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" data-trackable="Home" tabindex="-1">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" data-trackable="World" tabindex="-1">World</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" data-trackable="US" tabindex="-1">US</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" data-trackable="Companies" tabindex="-1">Companies</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" data-trackable="Tech" tabindex="-1">Tech</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" data-trackable="Markets" tabindex="-1">Markets</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" data-trackable="Climate" tabindex="-1">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" data-trackable="Opinion" tabindex="-1">Opinion</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" data-trackable="Lex" tabindex="-1">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" data-trackable="Work & Careers" tabindex="-1">Work & Careers</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" data-trackable="Life & Arts" tabindex="-1">Life & Arts</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" data-trackable="HTSI" tabindex="-1">HTSI</a></li></ul></div></div><a class="o-header__top-logo o-header__hide--L" data-trackable="logo" href="/" title="Go to Financial Times homepage" tabindex="-1"><span class="o-header__visually-hidden">Financial Times</span></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe" tabindex="-1">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/financials" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-sticky" class="o-header__row o-header__search o-header__search--sticky" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-sticky" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-sticky" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-sticky"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-sticky" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div></header></div><div class="n-layout__row n-layout__row--content"><div><div class="o-ads advert--mini-billboard" data-o-ads-name="miniBillboard" data-o-ads-targeting="pos=top" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="FullBleedResponsive,OneByOne" data-o-ads-formats-medium="OneByOne" data-o-ads-formats-large=false data-o-ads-formats-extra=false aria-hidden="true"> </div> <script type="application/json" id="stream-page-meta"> {"pageAttributes":{"hasRecommendedStories":true,"hasMostRead":true,"isPage":1}} </script> <div id="n-exponea-top-slot"></div> <div role="navigation" aria-label="category navigation" class="sub-header" data-trackable="sub-header" > <div class="o-grid-container"> <div class="o-grid-row"> <div class="sub-header__section sub-header__section--title " data-o-grid-colspan="12 M8 XL9" > <h1 class="sub-header__page-title"> Financials </h1> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="b062fd6b-01fa-4049-a1bc-092f9f43c307" action="/myft/add/b062fd6b-01fa-4049-a1bc-092f9f43c307" data-js-action="/__myft/api/core/followed/concept/b062fd6b-01fa-4049-a1bc-092f9f43c307?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following Financials." data-unpressed-text="No longer following Financials." ></div> <button aria-pressed="false" aria-label="Add to myFT: Financials" title="Add Financials to myFT" data-alternate-label="Added Financials to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="b062fd6b-01fa-4049-a1bc-092f9f43c307" data-trackable="follow" type="submit">Add to myFT</button> </form> </div> </div> </div> </div> <div role="main" id="site-content" data-concept-id="b062fd6b-01fa-4049-a1bc-092f9f43c307"> <div class="o-grid-container"> <div class="o-grid-row"> <div class="js-track-scroll-event" id="stream" data-o-grid-colspan="12 L8" > <div data-trackable="stream" class="o-teaser-collection o-teaser-collection--stream"> <ul class="o-teaser-collection__list js-stream-list" data-stream-list aria-busy="false"> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T21:45:38.101Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="d3678254-c07e-4bb3-ba5c-edc40699d844" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="d3678254-c07e-4bb3-ba5c-edc40699d844"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/464b518e-3b8a-49ee-bf94-c1b382feff68" aria-label="Category: Klarna AB">Klarna AB</a></div><div class="o-teaser__heading"><a href="/content/d3678254-c07e-4bb3-ba5c-edc40699d844" data-trackable="heading-link" class="js-teaser-heading-link">Klarna files for US IPO despite market tumult</a></div><p class="o-teaser__standfirst"><a href="/content/d3678254-c07e-4bb3-ba5c-edc40699d844" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">New York listing of buy now, pay later group will test investor appetite for fintech sector</a></p><div class="o-teaser__timestamp o-teaser__timestamp--"><time class="o-teaser__timestamp-date o-date" data-o-component="o-date" data-o-date-format="time-ago-limit-4-hours" datetime="2025-03-14T21:45:38+0000">3 hours ago</time></div><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="d3678254-c07e-4bb3-ba5c-edc40699d844" data-myft-ui="saved" action="/myft/save/d3678254-c07e-4bb3-ba5c-edc40699d844" data-js-action="/__myft/api/core/saved/content/d3678254-c07e-4bb3-ba5c-edc40699d844?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Klarna files for US IPO despite market tumult to myFT for later" aria-label="Save Klarna files for US IPO despite market tumult to myFT for later" data-alternate-label="Klarna files for US IPO despite market tumult is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="d3678254-c07e-4bb3-ba5c-edc40699d844" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/d3678254-c07e-4bb3-ba5c-edc40699d844" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fafe65718-21c3-4d67-a9f9-3f5cfe4d0daf.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The Klarna logo on revolving doors at the entrance to the company’s headquarters in Stockholm, Sweden"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T19:44:36.279Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="fe4dcf71-048c-4e1d-a076-875403b9108f" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="fe4dcf71-048c-4e1d-a076-875403b9108f"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/980562d6-2db0-4b25-a349-b83d4b86bea7" aria-label="Category: Goldman Sachs">Goldman Sachs</a></div><div class="o-teaser__heading"><a href="/content/fe4dcf71-048c-4e1d-a076-875403b9108f" data-trackable="heading-link" class="js-teaser-heading-link">Goldman pay surges 30% for handful of top executives</a></div><p class="o-teaser__standfirst"><a href="/content/fe4dcf71-048c-4e1d-a076-875403b9108f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Quartet collectively received $126.5mn for their work in 2024 as overall employee remuneration rose more modestly </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="fe4dcf71-048c-4e1d-a076-875403b9108f" data-myft-ui="saved" action="/myft/save/fe4dcf71-048c-4e1d-a076-875403b9108f" data-js-action="/__myft/api/core/saved/content/fe4dcf71-048c-4e1d-a076-875403b9108f?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Goldman pay surges 30% for handful of top executives to myFT for later" aria-label="Save Goldman pay surges 30% for handful of top executives to myFT for later" data-alternate-label="Goldman pay surges 30% for handful of top executives is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="fe4dcf71-048c-4e1d-a076-875403b9108f" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/fe4dcf71-048c-4e1d-a076-875403b9108f" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2882%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fcde7560b-2ff1-442d-ba09-fe80dc1d6bb3.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Goldman Sachs president John Waldron"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T18:35:03.568Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a374db6d-5cb3-4097-a44f-b4335fa456e4" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="a374db6d-5cb3-4097-a44f-b4335fa456e4"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/5064fe7f-4757-4365-af8c-499dcf0180bb" aria-label="Category: Crispin Odey">Crispin Odey</a></div><div class="o-teaser__heading"><a href="/content/a374db6d-5cb3-4097-a44f-b4335fa456e4" data-trackable="heading-link" class="js-teaser-heading-link">Crispin Odey makes courtroom visit to Staley case over Epstein ties</a></div><p class="o-teaser__standfirst"><a href="/content/a374db6d-5cb3-4097-a44f-b4335fa456e4" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Appearance by hedge fund founder comes as ex-Barclays boss tries to overturn FCA ban and fine</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a374db6d-5cb3-4097-a44f-b4335fa456e4" data-myft-ui="saved" action="/myft/save/a374db6d-5cb3-4097-a44f-b4335fa456e4" data-js-action="/__myft/api/core/saved/content/a374db6d-5cb3-4097-a44f-b4335fa456e4?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Crispin Odey makes courtroom visit to Staley case over Epstein ties to myFT for later" aria-label="Save Crispin Odey makes courtroom visit to Staley case over Epstein ties to myFT for later" data-alternate-label="Crispin Odey makes courtroom visit to Staley case over Epstein ties is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="a374db6d-5cb3-4097-a44f-b4335fa456e4" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/a374db6d-5cb3-4097-a44f-b4335fa456e4" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2531%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F41fc6e41-a1ad-4b6c-ba06-0afedbb8c0e2.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Crispin Odey"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T18:26:39.174Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="9b6953ba-9106-4926-b71b-527b866c28b8" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="9b6953ba-9106-4926-b71b-527b866c28b8"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/dcbd97a4-215c-43ef-9e26-b9ce3ad4a7c2" aria-label="Category: Jane Street Capital">Jane Street Capital</a></div><div class="o-teaser__heading"><a href="/content/9b6953ba-9106-4926-b71b-527b866c28b8" data-trackable="heading-link" class="js-teaser-heading-link">Trading giant Jane Street seeks to double London office footprint</a></div><p class="o-teaser__standfirst"><a href="/content/9b6953ba-9106-4926-b71b-527b866c28b8" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">New York-based group in talks for up to 500,000 sq ft of City space</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="9b6953ba-9106-4926-b71b-527b866c28b8" data-myft-ui="saved" action="/myft/save/9b6953ba-9106-4926-b71b-527b866c28b8" data-js-action="/__myft/api/core/saved/content/9b6953ba-9106-4926-b71b-527b866c28b8?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Trading giant Jane Street seeks to double London office footprint to myFT for later" aria-label="Save Trading giant Jane Street seeks to double London office footprint to myFT for later" data-alternate-label="Trading giant Jane Street seeks to double London office footprint is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="9b6953ba-9106-4926-b71b-527b866c28b8" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/9b6953ba-9106-4926-b71b-527b866c28b8" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc3275be8-ec54-4ca3-a8a7-e5cd5dd09aba.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="View of the building at 250 Vessey Street, where Jane Street’s offices are located, in New York, US"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T17:26:10.541Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="b001c29d-e515-4907-bf56-a8477201e79f" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="b001c29d-e515-4907-bf56-a8477201e79f"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="/content/b001c29d-e515-4907-bf56-a8477201e79f" data-trackable="heading-link" class="js-teaser-heading-link">Art lenders issue margin calls as painting prices fall</a></div><p class="o-teaser__standfirst"><a href="/content/b001c29d-e515-4907-bf56-a8477201e79f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Borrowers asked to compensate for decline in collateral by swapping in more expensive artwork or supplying cash</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="b001c29d-e515-4907-bf56-a8477201e79f" data-myft-ui="saved" action="/myft/save/b001c29d-e515-4907-bf56-a8477201e79f" data-js-action="/__myft/api/core/saved/content/b001c29d-e515-4907-bf56-a8477201e79f?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Art lenders issue margin calls as painting prices fall to myFT for later" aria-label="Save Art lenders issue margin calls as painting prices fall to myFT for later" data-alternate-label="Art lenders issue margin calls as painting prices fall is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="b001c29d-e515-4907-bf56-a8477201e79f" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/b001c29d-e515-4907-bf56-a8477201e79f" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2784%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb42b1355-74bd-4e45-aad1-6e4640615a40.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Christie’s displays Antonio Canova’s marble statue Maddalena Giacente (Recumbent Magdalene) and Lucas Cranach the Elder’s painting The Nymph of the Spring in 2022 when both are up for auction"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=top;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T17:00:00.734Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="66a7c514-6a74-4fe8-aba5-03dfd2146cf1" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="66a7c514-6a74-4fe8-aba5-03dfd2146cf1"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/0e7e2055-2511-47cf-972b-21199acd22f7" aria-label="Category: Barr Rosenberg">Barr Rosenberg</a></div><div class="o-teaser__heading"><a href="/content/66a7c514-6a74-4fe8-aba5-03dfd2146cf1" data-trackable="heading-link" class="js-teaser-heading-link">RIP quant-father Barr Rosenberg</a></div><p class="o-teaser__standfirst"><a href="/content/66a7c514-6a74-4fe8-aba5-03dfd2146cf1" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The ‘accountant of risk’ has passed away</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="66a7c514-6a74-4fe8-aba5-03dfd2146cf1" data-myft-ui="saved" action="/myft/save/66a7c514-6a74-4fe8-aba5-03dfd2146cf1" data-js-action="/__myft/api/core/saved/content/66a7c514-6a74-4fe8-aba5-03dfd2146cf1?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save RIP quant-father Barr Rosenberg to myFT for later" aria-label="Save RIP quant-father Barr Rosenberg to myFT for later" data-alternate-label="RIP quant-father Barr Rosenberg is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="66a7c514-6a74-4fe8-aba5-03dfd2146cf1" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/66a7c514-6a74-4fe8-aba5-03dfd2146cf1" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F3e1f8376-fc1d-487b-95f4-a1aaaa934999.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T16:44:31.960Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="59f8d402-5717-4c49-83da-3318136166ab" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="59f8d402-5717-4c49-83da-3318136166ab"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/fbc41f4b-1fac-4eb7-9ba3-88d1df72014b" aria-label="Category: Thames Water">Thames Water</a></div><div class="o-teaser__heading"><a href="/content/59f8d402-5717-4c49-83da-3318136166ab" data-trackable="heading-link" class="js-teaser-heading-link">Regulator accused of letting hedge funds control Thames Water</a></div><p class="o-teaser__standfirst"><a href="/content/59f8d402-5717-4c49-83da-3318136166ab" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Allegation comes as utility waits for Court of Appeal decision over £3bn emergency loan</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="59f8d402-5717-4c49-83da-3318136166ab" data-myft-ui="saved" action="/myft/save/59f8d402-5717-4c49-83da-3318136166ab" data-js-action="/__myft/api/core/saved/content/59f8d402-5717-4c49-83da-3318136166ab?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Regulator accused of letting hedge funds control Thames Water to myFT for later" aria-label="Save Regulator accused of letting hedge funds control Thames Water to myFT for later" data-alternate-label="Regulator accused of letting hedge funds control Thames Water is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="59f8d402-5717-4c49-83da-3318136166ab" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/59f8d402-5717-4c49-83da-3318136166ab" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2254%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb73fd603-f356-4251-b922-74f670eeeae5.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Thames Water signage"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T13:46:47.254Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="41d28301-06a5-484d-88e2-a38e4022d879" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="41d28301-06a5-484d-88e2-a38e4022d879"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/155f69d8-9bdd-4354-935a-6a0647a92f90" aria-label="Category: Deutsche Bank AG">Deutsche Bank AG</a></div><div class="o-teaser__heading"><a href="/content/41d28301-06a5-484d-88e2-a38e4022d879" data-trackable="heading-link" class="js-teaser-heading-link">Ex-Deutsche banker Schiraldi sues for €152mn over Monte dei Paschi scandal</a></div><p class="o-teaser__standfirst"><a href="/content/41d28301-06a5-484d-88e2-a38e4022d879" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Former head of institutional clients brings case against former employer over alleged harm to his career</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="41d28301-06a5-484d-88e2-a38e4022d879" data-myft-ui="saved" action="/myft/save/41d28301-06a5-484d-88e2-a38e4022d879" data-js-action="/__myft/api/core/saved/content/41d28301-06a5-484d-88e2-a38e4022d879?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Ex-Deutsche banker Schiraldi sues for €152mn over Monte dei Paschi scandal to myFT for later" aria-label="Save Ex-Deutsche banker Schiraldi sues for €152mn over Monte dei Paschi scandal to myFT for later" data-alternate-label="Ex-Deutsche banker Schiraldi sues for €152mn over Monte dei Paschi scandal is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="41d28301-06a5-484d-88e2-a38e4022d879" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/41d28301-06a5-484d-88e2-a38e4022d879" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2254%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F46ad5655-4aeb-46e2-b274-0991107eddce.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Deutsche Bank’s headquarters in Frankfurt, Germany, with its glass facade reflecting the surrounding cityscape"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T13:40:20.445Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="b5b35d22-e7e4-4b85-ac00-df62104e55c0" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="b5b35d22-e7e4-4b85-ac00-df62104e55c0"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Lex</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/private-equity" aria-label="Category: Private equity">Private equity</a></div><div class="o-teaser__heading"><a href="/content/b5b35d22-e7e4-4b85-ac00-df62104e55c0" data-trackable="heading-link" class="js-teaser-heading-link">Private credit means banking is no longer as easy as 1-2-3</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/b5b35d22-e7e4-4b85-ac00-df62104e55c0" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Private capital’s falling hurdle rates will cause more activity to migrate from traditional lenders </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="b5b35d22-e7e4-4b85-ac00-df62104e55c0" data-myft-ui="saved" action="/myft/save/b5b35d22-e7e4-4b85-ac00-df62104e55c0" data-js-action="/__myft/api/core/saved/content/b5b35d22-e7e4-4b85-ac00-df62104e55c0?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Private credit means banking is no longer as easy as 1-2-3 to myFT for later" aria-label="Save Private credit means banking is no longer as easy as 1-2-3 to myFT for later" data-alternate-label="Private credit means banking is no longer as easy as 1-2-3 is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="b5b35d22-e7e4-4b85-ac00-df62104e55c0" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/b5b35d22-e7e4-4b85-ac00-df62104e55c0" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F86676623-bde8-41fa-b231-d04241ce1600.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Traffic lights outside the BIS headquarters"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-teaser o-teaser--native-ad o-teaser--small o-teaser--stream-card" data-o-ads-name="PartnerContent--horizontal" data-o-ads-targeting="pos=native;format=horizontal" data-o-ads-formats="PartnerContent" data-o-ads-component="slot" ></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T13:19:47.166Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="aa5f901f-bd66-473a-a4e6-19ad2a2d4bed" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="aa5f901f-bd66-473a-a4e6-19ad2a2d4bed"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">Lex</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/banks" aria-label="Category: Banks">Banks</a></div><div class="o-teaser__heading"><a href="/content/aa5f901f-bd66-473a-a4e6-19ad2a2d4bed" data-trackable="heading-link" class="js-teaser-heading-link">Banks’ climate climbdowns show limits of stakeholder capitalism</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/aa5f901f-bd66-473a-a4e6-19ad2a2d4bed" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">If some big European lenders appear to waver in their commitments, others will surely follow suit</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="aa5f901f-bd66-473a-a4e6-19ad2a2d4bed" data-myft-ui="saved" action="/myft/save/aa5f901f-bd66-473a-a4e6-19ad2a2d4bed" data-js-action="/__myft/api/core/saved/content/aa5f901f-bd66-473a-a4e6-19ad2a2d4bed?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Banks’ climate climbdowns show limits of stakeholder capitalism to myFT for later" aria-label="Save Banks’ climate climbdowns show limits of stakeholder capitalism to myFT for later" data-alternate-label="Banks’ climate climbdowns show limits of stakeholder capitalism is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="aa5f901f-bd66-473a-a4e6-19ad2a2d4bed" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/aa5f901f-bd66-473a-a4e6-19ad2a2d4bed" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fdaaf53f3-c911-4910-95f3-f7e1e90a4e9e.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Pedestrians walk past a branch of HSBC bank in Hong Kong"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T12:00:04.238Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="b4f67cac-bb5f-476c-9f6f-e8b8dba63e8f" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="b4f67cac-bb5f-476c-9f6f-e8b8dba63e8f"><div class="o-teaser__content"><div class="o-teaser__meta"><span class="o-teaser__tag-prefix">FT Series</span><a class="o-teaser__tag" data-trackable="teaser-tag" href="/content/b669f775-91a1-4271-9f35-2ebbfbb985ce" aria-label="Category: House & Home super-prime special ">House & Home super-prime special </a></div><div class="o-teaser__heading"><a href="/content/b4f67cac-bb5f-476c-9f6f-e8b8dba63e8f" data-trackable="heading-link" class="js-teaser-heading-link">The ‘secret’ agents of super-prime property</a></div><p class="o-teaser__standfirst"><a href="/content/b4f67cac-bb5f-476c-9f6f-e8b8dba63e8f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">In the rarefied world of the most expensive homes, where discretion is everything and sales can be a magnet to opportunists, a clutch of under-the-radar agents is oh-so-quietly operating</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="b4f67cac-bb5f-476c-9f6f-e8b8dba63e8f" data-myft-ui="saved" action="/myft/save/b4f67cac-bb5f-476c-9f6f-e8b8dba63e8f" data-js-action="/__myft/api/core/saved/content/b4f67cac-bb5f-476c-9f6f-e8b8dba63e8f?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The ‘secret’ agents of super-prime property to myFT for later" aria-label="Save The ‘secret’ agents of super-prime property to myFT for later" data-alternate-label="The ‘secret’ agents of super-prime property is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="b4f67cac-bb5f-476c-9f6f-e8b8dba63e8f" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/b4f67cac-bb5f-476c-9f6f-e8b8dba63e8f" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fcb8d6d06-7cd1-4379-99fd-05260b4e8605.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T10:03:37.684Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="c3738cfa-c967-402e-9bd4-13c68bce3826" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="c3738cfa-c967-402e-9bd4-13c68bce3826"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/c8f0c70e-50ff-4556-9154-158d21e958d5" aria-label="Category: UniCredit SpA">UniCredit SpA</a></div><div class="o-teaser__heading"><a href="/content/c3738cfa-c967-402e-9bd4-13c68bce3826" data-trackable="heading-link" class="js-teaser-heading-link">UniCredit wins ECB approval for Commerzbank stake</a></div><p class="o-teaser__standfirst"><a href="/content/c3738cfa-c967-402e-9bd4-13c68bce3826" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Italian bank had built 28% shareholding in German rival through share purchases and derivatives</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="c3738cfa-c967-402e-9bd4-13c68bce3826" data-myft-ui="saved" action="/myft/save/c3738cfa-c967-402e-9bd4-13c68bce3826" data-js-action="/__myft/api/core/saved/content/c3738cfa-c967-402e-9bd4-13c68bce3826?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save UniCredit wins ECB approval for Commerzbank stake to myFT for later" aria-label="Save UniCredit wins ECB approval for Commerzbank stake to myFT for later" data-alternate-label="UniCredit wins ECB approval for Commerzbank stake is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="c3738cfa-c967-402e-9bd4-13c68bce3826" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/c3738cfa-c967-402e-9bd4-13c68bce3826" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F77571a29-eef0-4ada-b1fd-97753eab95be.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="People walk past a sign with the logo of UniCredit in Italy"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T09:14:18.861Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="252bb69a-d088-452d-8dac-3d88d5b4854f" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="252bb69a-d088-452d-8dac-3d88d5b4854f"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/52365fa3-e866-4546-8e9f-3e06181b4e07" aria-label="Category: TDR Capital LLP">TDR Capital LLP</a></div><div class="o-teaser__heading"><a href="/content/252bb69a-d088-452d-8dac-3d88d5b4854f" data-trackable="heading-link" class="js-teaser-heading-link">TDR looks at selling David Lloyd gym chain to itself after exit struggle </a></div><p class="o-teaser__standfirst"><a href="/content/252bb69a-d088-452d-8dac-3d88d5b4854f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Private equity group explores transferring its stake in leisure chain to a continuation fund </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="252bb69a-d088-452d-8dac-3d88d5b4854f" data-myft-ui="saved" action="/myft/save/252bb69a-d088-452d-8dac-3d88d5b4854f" data-js-action="/__myft/api/core/saved/content/252bb69a-d088-452d-8dac-3d88d5b4854f?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save TDR looks at selling David Lloyd gym chain to itself after exit struggle to myFT for later" aria-label="Save TDR looks at selling David Lloyd gym chain to itself after exit struggle to myFT for later" data-alternate-label="TDR looks at selling David Lloyd gym chain to itself after exit struggle is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="252bb69a-d088-452d-8dac-3d88d5b4854f" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/252bb69a-d088-452d-8dac-3d88d5b4854f" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2882%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F7529de69-fd48-4be0-a2cc-b390bb501ab1.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="A woman uses a treadmill at David Lloyd Cambridge gym"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T05:00:15.898Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="157aecb6-de30-4b87-b7a6-a36f839216ae" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="157aecb6-de30-4b87-b7a6-a36f839216ae"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/moira-oneill" aria-label="Category: Moira O'Neill">Moira O'Neill</a></div><div class="o-teaser__heading"><a href="/content/157aecb6-de30-4b87-b7a6-a36f839216ae" data-trackable="heading-link" class="js-teaser-heading-link">Even A-list actors couldn’t convince us to green our pensions</a></div><p class="o-teaser__standfirst"><a href="/content/157aecb6-de30-4b87-b7a6-a36f839216ae" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Filmmaker Richard Curtis’s campaign has bitten the dust — an unfortunately predictable ending </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="157aecb6-de30-4b87-b7a6-a36f839216ae" data-myft-ui="saved" action="/myft/save/157aecb6-de30-4b87-b7a6-a36f839216ae" data-js-action="/__myft/api/core/saved/content/157aecb6-de30-4b87-b7a6-a36f839216ae?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Even A-list actors couldn’t convince us to green our pensions to myFT for later" aria-label="Save Even A-list actors couldn’t convince us to green our pensions to myFT for later" data-alternate-label="Even A-list actors couldn’t convince us to green our pensions is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="157aecb6-de30-4b87-b7a6-a36f839216ae" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/157aecb6-de30-4b87-b7a6-a36f839216ae" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5b8b564f-d080-4226-b40d-469a1469fc76.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Illustration of a wind turbine, Richard Curtis, money, a pie chart, a dying plant and a ladder"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T05:00:15.897Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="52d10f0c-25ad-4151-a520-89bc2655c789" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="52d10f0c-25ad-4151-a520-89bc2655c789"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/due-diligence" aria-label="Category: Due Diligence">Due Diligence</a></div><div class="o-teaser__heading"><a href="/content/52d10f0c-25ad-4151-a520-89bc2655c789" data-trackable="heading-link" class="js-teaser-heading-link">The rise and fall of a hedge fund tycoon</a><span> <span class="o-labels o-labels--premium o-labels--content-premium">Premium</span><span class="o-normalise-visually-hidden"> content</span></span></div><p class="o-teaser__standfirst"><a href="/content/52d10f0c-25ad-4151-a520-89bc2655c789" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Plus, pharmacy groups famed for opioid bankruptcies join forces and the mysterious Deutsche Bank employee making more than its CEO</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="52d10f0c-25ad-4151-a520-89bc2655c789" data-myft-ui="saved" action="/myft/save/52d10f0c-25ad-4151-a520-89bc2655c789" data-js-action="/__myft/api/core/saved/content/52d10f0c-25ad-4151-a520-89bc2655c789?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The rise and fall of a hedge fund tycoon to myFT for later" aria-label="Save The rise and fall of a hedge fund tycoon to myFT for later" data-alternate-label="The rise and fall of a hedge fund tycoon is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="52d10f0c-25ad-4151-a520-89bc2655c789" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/52d10f0c-25ad-4151-a520-89bc2655c789" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F602d78a1-0001-4ffc-bbbc-df73ec228412.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Simon Sadler, chief investment officer and founder of Segantii Capital Management, and Kurt Ersoy, chief executive officer of Segantii Capital Management"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T05:00:15.878Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="33a4d1f6-848f-4b63-86c6-9330fe6f6d89" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="33a4d1f6-848f-4b63-86c6-9330fe6f6d89"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/24ad2c58-14fb-4217-b6f7-7ef88ac51375" aria-label="Category: Climate change">Climate change</a></div><div class="o-teaser__heading"><a href="/content/33a4d1f6-848f-4b63-86c6-9330fe6f6d89" data-trackable="heading-link" class="js-teaser-heading-link">US weather agency job cuts could jeopardise climate risk data, insurers warn </a></div><p class="o-teaser__standfirst"><a href="/content/33a4d1f6-848f-4b63-86c6-9330fe6f6d89" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Reinsurance trade group lobbies US commerce secretary about potential impact to monitoring hurricanes and drought conditions </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="33a4d1f6-848f-4b63-86c6-9330fe6f6d89" data-myft-ui="saved" action="/myft/save/33a4d1f6-848f-4b63-86c6-9330fe6f6d89" data-js-action="/__myft/api/core/saved/content/33a4d1f6-848f-4b63-86c6-9330fe6f6d89?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save US weather agency job cuts could jeopardise climate risk data, insurers warn to myFT for later" aria-label="Save US weather agency job cuts could jeopardise climate risk data, insurers warn to myFT for later" data-alternate-label="US weather agency job cuts could jeopardise climate risk data, insurers warn is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="33a4d1f6-848f-4b63-86c6-9330fe6f6d89" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/33a4d1f6-848f-4b63-86c6-9330fe6f6d89" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2209%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F11e96990-6b12-4884-90f2-c2439aaba053.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Hundreds of demonstrators gather to protest against Department of Government Efficiency (DOGE) cuts outside the headquarters of the National Oceanic and Atmospheric Administration"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid1;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T05:00:15.753Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="30e9c9a7-e0a5-4f2e-84e6-104e8befcedc" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="30e9c9a7-e0a5-4f2e-84e6-104e8befcedc"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/etf-stream" aria-label="Category: Exchange traded funds">Exchange traded funds</a></div><div class="o-teaser__heading"><a href="/content/30e9c9a7-e0a5-4f2e-84e6-104e8befcedc" data-trackable="heading-link" class="js-teaser-heading-link">ETFs set to be high on the menu for Hong Kong pension funds</a></div><p class="o-teaser__standfirst"><a href="/content/30e9c9a7-e0a5-4f2e-84e6-104e8befcedc" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Launch of digital retirement platform market creates opportunity, say industry experts</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="30e9c9a7-e0a5-4f2e-84e6-104e8befcedc" data-myft-ui="saved" action="/myft/save/30e9c9a7-e0a5-4f2e-84e6-104e8befcedc" data-js-action="/__myft/api/core/saved/content/30e9c9a7-e0a5-4f2e-84e6-104e8befcedc?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save ETFs set to be high on the menu for Hong Kong pension funds to myFT for later" aria-label="Save ETFs set to be high on the menu for Hong Kong pension funds to myFT for later" data-alternate-label="ETFs set to be high on the menu for Hong Kong pension funds is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="30e9c9a7-e0a5-4f2e-84e6-104e8befcedc" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/30e9c9a7-e0a5-4f2e-84e6-104e8befcedc" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2882%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F41eb0942-a3a1-4301-8748-d2af68a40f42.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Stock market price display on a screen"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T05:00:15.611Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="98ec31de-7729-426e-a4d2-2ae0158ccf5d" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="98ec31de-7729-426e-a4d2-2ae0158ccf5d"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/155f69d8-9bdd-4354-935a-6a0647a92f90" aria-label="Category: Deutsche Bank AG">Deutsche Bank AG</a></div><div class="o-teaser__heading"><a href="/content/98ec31de-7729-426e-a4d2-2ae0158ccf5d" data-trackable="heading-link" class="js-teaser-heading-link">Deutsche Bank reviews Canary Wharf presence</a></div><p class="o-teaser__standfirst"><a href="/content/98ec31de-7729-426e-a4d2-2ae0158ccf5d" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Exit or reduction in floorspace would mark latest retreat from docklands office district</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="98ec31de-7729-426e-a4d2-2ae0158ccf5d" data-myft-ui="saved" action="/myft/save/98ec31de-7729-426e-a4d2-2ae0158ccf5d" data-js-action="/__myft/api/core/saved/content/98ec31de-7729-426e-a4d2-2ae0158ccf5d?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Deutsche Bank reviews Canary Wharf presence to myFT for later" aria-label="Save Deutsche Bank reviews Canary Wharf presence to myFT for later" data-alternate-label="Deutsche Bank reviews Canary Wharf presence is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="98ec31de-7729-426e-a4d2-2ae0158ccf5d" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/98ec31de-7729-426e-a4d2-2ae0158ccf5d" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2691%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F751577fb-4895-4b59-b7ac-63ae79a681b7.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Office buildings in Upper Bank Street, Canary Wharf"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T05:00:15.602Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="489d0ae3-9a7f-40a1-ac47-4bad99439ac3" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="489d0ae3-9a7f-40a1-ac47-4bad99439ac3"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/high-frequency-trading" aria-label="Category: High frequency trading">High frequency trading</a></div><div class="o-teaser__heading"><a href="/content/489d0ae3-9a7f-40a1-ac47-4bad99439ac3" data-trackable="heading-link" class="js-teaser-heading-link">High-speed trader urges regulator to clamp down on ‘unfair’ Eurex trading loophole</a></div><p class="o-teaser__standfirst"><a href="/content/489d0ae3-9a7f-40a1-ac47-4bad99439ac3" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Exchange says allegations ‘unfounded’ and concerns have been ‘repeatedly reviewed’</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="489d0ae3-9a7f-40a1-ac47-4bad99439ac3" data-myft-ui="saved" action="/myft/save/489d0ae3-9a7f-40a1-ac47-4bad99439ac3" data-js-action="/__myft/api/core/saved/content/489d0ae3-9a7f-40a1-ac47-4bad99439ac3?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save High-speed trader urges regulator to clamp down on ‘unfair’ Eurex trading loophole to myFT for later" aria-label="Save High-speed trader urges regulator to clamp down on ‘unfair’ Eurex trading loophole to myFT for later" data-alternate-label="High-speed trader urges regulator to clamp down on ‘unfair’ Eurex trading loophole is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="489d0ae3-9a7f-40a1-ac47-4bad99439ac3" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/489d0ae3-9a7f-40a1-ac47-4bad99439ac3" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2882%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F86309bbd-dd95-48aa-bcc1-9d8a56958f89.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Esma logo"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T01:00:14.730Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="44203051-afcf-4c59-b758-b588bb8aae5f" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="44203051-afcf-4c59-b758-b588bb8aae5f"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/magazine" aria-label="Category: FT Magazine">FT Magazine</a></div><div class="o-teaser__heading"><a href="/content/44203051-afcf-4c59-b758-b588bb8aae5f" data-trackable="heading-link" class="js-teaser-heading-link">Inside the downfall of trading titan and Blackpool FC owner Simon Sadler</a></div><p class="o-teaser__standfirst"><a href="/content/44203051-afcf-4c59-b758-b588bb8aae5f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">He was a heavyweight in Hong Kong finance and a hometown hero. Now he faces the possibility of jail</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="44203051-afcf-4c59-b758-b588bb8aae5f" data-myft-ui="saved" action="/myft/save/44203051-afcf-4c59-b758-b588bb8aae5f" data-js-action="/__myft/api/core/saved/content/44203051-afcf-4c59-b758-b588bb8aae5f?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Inside the downfall of trading titan and Blackpool FC owner Simon Sadler to myFT for later" aria-label="Save Inside the downfall of trading titan and Blackpool FC owner Simon Sadler to myFT for later" data-alternate-label="Inside the downfall of trading titan and Blackpool FC owner Simon Sadler is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="44203051-afcf-4c59-b758-b588bb8aae5f" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/44203051-afcf-4c59-b758-b588bb8aae5f" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5b04740b-68aa-4ff1-936d-b357c35d58ce.png?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-13T18:38:23.262Z">Thursday, 13 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="59ad3eed-eb04-489b-bf8d-938f25692095" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="59ad3eed-eb04-489b-bf8d-938f25692095"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/dfc453a1-7242-4104-afa8-30c92c0cdcde" aria-label="Category: Jes Staley">Jes Staley</a></div><div class="o-teaser__heading"><a href="/content/59ad3eed-eb04-489b-bf8d-938f25692095" data-trackable="heading-link" class="js-teaser-heading-link">Staley subjected to ‘public humiliation’ over Epstein ties that threatened marriage, court hears</a></div><p class="o-teaser__standfirst"><a href="/content/59ad3eed-eb04-489b-bf8d-938f25692095" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Ex-Barclays chief, seeking to overturn regulatory ban, was questioned in court about sex with Epstein employee</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="59ad3eed-eb04-489b-bf8d-938f25692095" data-myft-ui="saved" action="/myft/save/59ad3eed-eb04-489b-bf8d-938f25692095" data-js-action="/__myft/api/core/saved/content/59ad3eed-eb04-489b-bf8d-938f25692095?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Staley subjected to ‘public humiliation’ over Epstein ties that threatened marriage, court hears to myFT for later" aria-label="Save Staley subjected to ‘public humiliation’ over Epstein ties that threatened marriage, court hears to myFT for later" data-alternate-label="Staley subjected to ‘public humiliation’ over Epstein ties that threatened marriage, court hears is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="59ad3eed-eb04-489b-bf8d-938f25692095" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/59ad3eed-eb04-489b-bf8d-938f25692095" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2827%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ff5810ea2-6f39-4f50-8818-8def9eddb893.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Jes Staley"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-13T11:43:44.179Z">Thursday, 13 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="94d78bef-d118-420b-85a0-b1e5bcaf2405" data-stream-item> <div class="o-teaser o-teaser--package o-teaser--small o-teaser--has-image js-teaser" data-id="94d78bef-d118-420b-85a0-b1e5bcaf2405"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/eb004194-676b-4f56-8a48-71dc90df9056" aria-label="Category: FT charity appeal">FT charity appeal</a></div><div class="o-teaser__heading"><a href="/ft-seasonal-appeal" data-trackable="heading-link" class="js-teaser-heading-link">FT Financial Literacy and Inclusion Campaign</a></div><p class="o-teaser__standfirst"><a href="/ft-seasonal-appeal" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The FT invites readers to join our campaign to promote financial literacy in the UK and around the world</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="94d78bef-d118-420b-85a0-b1e5bcaf2405" data-myft-ui="saved" action="/myft/save/94d78bef-d118-420b-85a0-b1e5bcaf2405" data-js-action="/__myft/api/core/saved/content/94d78bef-d118-420b-85a0-b1e5bcaf2405?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save FT Financial Literacy and Inclusion Campaign to myFT for later" aria-label="Save FT Financial Literacy and Inclusion Campaign to myFT for later" data-alternate-label="FT Financial Literacy and Inclusion Campaign is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="94d78bef-d118-420b-85a0-b1e5bcaf2405" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/ft-seasonal-appeal" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fb6b27a6e-ad17-44a5-b5eb-65b211168329.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Illustration showing people wearing a toolbelt of financial tools"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-13T11:04:09.207Z">Thursday, 13 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="97e84632-ede6-46ff-a930-c8a5108579ab" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="97e84632-ede6-46ff-a930-c8a5108579ab"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/content/94d78bef-d118-420b-85a0-b1e5bcaf2405" aria-label="Category: FT Financial Literacy and Inclusion Campaign">FT Financial Literacy and Inclusion Campaign</a></div><div class="o-teaser__heading"><a href="/content/97e84632-ede6-46ff-a930-c8a5108579ab" data-trackable="heading-link" class="js-teaser-heading-link">‘Gender numeracy gap’ is hitting women’s earnings power </a></div><p class="o-teaser__standfirst"><a href="/content/97e84632-ede6-46ff-a930-c8a5108579ab" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">One in three UK women say they would not apply for jobs that require working with numbers or data</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="97e84632-ede6-46ff-a930-c8a5108579ab" data-myft-ui="saved" action="/myft/save/97e84632-ede6-46ff-a930-c8a5108579ab" data-js-action="/__myft/api/core/saved/content/97e84632-ede6-46ff-a930-c8a5108579ab?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save ‘Gender numeracy gap’ is hitting women’s earnings power to myFT for later" aria-label="Save ‘Gender numeracy gap’ is hitting women’s earnings power to myFT for later" data-alternate-label="‘Gender numeracy gap’ is hitting women’s earnings power is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="97e84632-ede6-46ff-a930-c8a5108579ab" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/97e84632-ede6-46ff-a930-c8a5108579ab" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F04458bef-1b0f-4348-9e9f-95ed73991faa.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Montage of calculator and numeracy symbols"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-13T07:43:58.948Z">Thursday, 13 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="04e22870-e74e-4111-bbdb-535e3bb53bcd" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="04e22870-e74e-4111-bbdb-535e3bb53bcd"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/stream/155f69d8-9bdd-4354-935a-6a0647a92f90" aria-label="Category: Deutsche Bank AG">Deutsche Bank AG</a></div><div class="o-teaser__heading"><a href="/content/04e22870-e74e-4111-bbdb-535e3bb53bcd" data-trackable="heading-link" class="js-teaser-heading-link">Deutsche Bank’s highest-paid employee in line to earn nearly twice as much as chief</a></div><p class="o-teaser__standfirst"><a href="/content/04e22870-e74e-4111-bbdb-535e3bb53bcd" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">One individual was paid about €18mn in 2024</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="04e22870-e74e-4111-bbdb-535e3bb53bcd" data-myft-ui="saved" action="/myft/save/04e22870-e74e-4111-bbdb-535e3bb53bcd" data-js-action="/__myft/api/core/saved/content/04e22870-e74e-4111-bbdb-535e3bb53bcd?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Deutsche Bank’s highest-paid employee in line to earn nearly twice as much as chief to myFT for later" aria-label="Save Deutsche Bank’s highest-paid employee in line to earn nearly twice as much as chief to myFT for later" data-alternate-label="Deutsche Bank’s highest-paid employee in line to earn nearly twice as much as chief is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="04e22870-e74e-4111-bbdb-535e3bb53bcd" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/04e22870-e74e-4111-bbdb-535e3bb53bcd" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2341%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F859862cb-2ef1-4f17-8732-8921ed436da6.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The Deutsche Bank logo is displayed prominently on the facade of a building"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-13T05:00:37.504Z">Thursday, 13 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="579c0f3e-9e71-4519-a0ad-dde2ed68c6f9" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image js-teaser" data-id="579c0f3e-9e71-4519-a0ad-dde2ed68c6f9"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/etf-stream" aria-label="Category: Exchange traded funds">Exchange traded funds</a></div><div class="o-teaser__heading"><a href="/content/579c0f3e-9e71-4519-a0ad-dde2ed68c6f9" data-trackable="heading-link" class="js-teaser-heading-link">Overseas managers have ‘no real advantage’ in Asia active ETFs</a></div><p class="o-teaser__standfirst"><a href="/content/579c0f3e-9e71-4519-a0ad-dde2ed68c6f9" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Senior executive at State Street says expertise in other markets will carry little weight</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="579c0f3e-9e71-4519-a0ad-dde2ed68c6f9" data-myft-ui="saved" action="/myft/save/579c0f3e-9e71-4519-a0ad-dde2ed68c6f9" data-js-action="/__myft/api/core/saved/content/579c0f3e-9e71-4519-a0ad-dde2ed68c6f9?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Overseas managers have ‘no real advantage’ in Asia active ETFs to myFT for later" aria-label="Save Overseas managers have ‘no real advantage’ in Asia active ETFs to myFT for later" data-alternate-label="Overseas managers have ‘no real advantage’ in Asia active ETFs is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="579c0f3e-9e71-4519-a0ad-dde2ed68c6f9" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/579c0f3e-9e71-4519-a0ad-dde2ed68c6f9" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2418%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ff2f54830-d8d0-4680-a8d2-732efedb2f3f.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="People visit the night market in Taipei"/></div></a></div></div> </div> </div> </li> </ul> </div> <div data-stream-additions aria-live="polite" aria-relevant="additions" class="stream__a11y o-normalise-visually-hidden"> </div> <div data-pagination role="navigation" aria-label="Pagination" class="stream__pagination o-buttons-pagination"> <a data-pagination-previous data-trackable="previous-page" disabled class="o-buttons o-buttons--secondary o-buttons-icon o-buttons-icon--arrow-left o-buttons-icon--icon-only"> <span class="o-buttons-icon__label">Previous page</span> </a> <span class="stream__pagination-label"> You are on page <strong data-pagination-page>1</strong> </span> <a data-pagination-next data-trackable="next-page" href="?page=2" class="o-buttons o-buttons--secondary o-buttons-icon o-buttons-icon--arrow-right o-buttons-icon--icon-only"> <span class="o-buttons-icon__label">Next page</span> </a> </div> </div> <div class="stream__right-hand " data-o-grid-colspan="12 L4 XL3 XLoffset1" > <div class="o-grid-row"> <div class="recommended-stories--stream o-teaser-collection js-track-scroll-event" data-trackable="recommended-stories"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--full-width o-teaser-collection__heading--centre"> Recommended </h2> <div class="o-grid-row"> <div class="o-teaser-collection__item" data-o-grid-colspan="12 M4 L12"> <div class="o-teaser o-teaser--placeholder o-teaser--small o-teaser--stacked o-teaser--centered o-teaser--has-image js-teaser" data-id="8f0460e7-205e-441f-9dfd-dda9a4dc6d76"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="https://ep.ft.com/newsletters/subscribe?newsletterIds=575981ede74eb90300a44d8e" data-trackable="heading-link" class="js-teaser-heading-link">Sign up for The Future of Money Newsletter, for the biggest themes in the digital disruption of financial services</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="https://ep.ft.com/newsletters/subscribe?newsletterIds=575981ede74eb90300a44d8e" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2500%;"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F32e9d15b-d24e-463a-a06c-2b8a606e4d0e.jpg?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> <div class="o-teaser-collection__item" data-o-grid-colspan="12 M4 L12"> <div class="o-teaser o-teaser--placeholder o-teaser--small o-teaser--stacked o-teaser--centered o-teaser--has-image js-teaser" data-id="5bf609e0-ed02-4b3a-be70-55fb6c1c8574"><div class="o-teaser__content"><div class="o-teaser__meta"></div><div class="o-teaser__heading"><a href="https://twitter.com/ftfinancenews" data-trackable="heading-link" class="js-teaser-heading-link">Follow us on X @FTFinancenews</a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="https://twitter.com/ftfinancenews" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2324%;"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Ff912eec0-4cdf-4b4a-ac6d-b2feff5401dc.png?source=next&fit=scale-down&dpr=2&width=240" alt=""/></div></a></div></div> </div> </div> </div> <div class="js-track-scroll-event"> <div class="o-teaser-collection o-teaser-collection--numbered" data-trackable="most-popular"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--full-width"> Most Read </h2> <ol class="o-teaser-collection__items"> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="98ec31de-7729-426e-a4d2-2ae0158ccf5d"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/98ec31de-7729-426e-a4d2-2ae0158ccf5d" data-trackable="heading-link" class="js-teaser-heading-link">Deutsche Bank reviews Canary Wharf presence</a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="04e22870-e74e-4111-bbdb-535e3bb53bcd"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/04e22870-e74e-4111-bbdb-535e3bb53bcd" data-trackable="heading-link" class="js-teaser-heading-link">Deutsche Bank’s highest-paid employee in line to earn nearly twice as much as chief</a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="6fe7c477-c66c-48d6-be45-4485977b9d9a"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/6fe7c477-c66c-48d6-be45-4485977b9d9a" data-trackable="heading-link" class="js-teaser-heading-link">Consultants warned Aberdeen boss against Abrdn rebrand </a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="44203051-afcf-4c59-b758-b588bb8aae5f"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/44203051-afcf-4c59-b758-b588bb8aae5f" data-trackable="heading-link" class="js-teaser-heading-link">Inside the downfall of trading titan and Blackpool FC owner Simon Sadler</a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small js-teaser" data-id="fe4dcf71-048c-4e1d-a076-875403b9108f"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/fe4dcf71-048c-4e1d-a076-875403b9108f" data-trackable="heading-link" class="js-teaser-heading-link">Goldman pay surges 30% for handful of top executives</a></div></div></div> </li> </ol> </div> </div> <div class="o-ads advert--mid-small-medium" data-o-ads-name="mid-small" data-o-ads-targeting="pos=mid" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="false" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> <div class="o-ads advert--sidebar advert--sidebar-mid " data-o-ads-name="mid-non-responsive-large" data-o-ads-targeting="pos=mid;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="false" data-o-ads-formats-medium="false" data-o-ads-formats-large="MediumRectangle,HalfPage,OneByOne,Responsive" data-o-ads-formats-extra="MediumRectangle,HalfPage,OneByOne,Responsive" aria-hidden="true"> </div> <aside data-o-grid-colspan="12" class="aside--community" data-trackable="aside-section"> <div class="o-teaser-community__header"> <div> <h2 class="o-teaser-community__heading"> <a data-trackable="aside-section-title" href="https://events.ft.com/events-list">Join us at an FT Live event</a> </h2> </div> <div class="aside--community__subsection-header"> <p class="aside--community__subsection-strapline">Discover unmissable flagship events and members only communities to expand your thinking and elevate your career</p> </div> </div> <div class="o-teaser-community__content"> <div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="48177424-5ad8-4502-83bd-80c1cbf437d7" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://privatesectorgrowthinlatam.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" data-trackable="event-teaser-brand-link">FT Live</a><div class="event-teaser__title-heading" role="heading" aria-level="4"><a class="event-teaser__title" data-trackable="event-teaser-title" href="https://privatesectorgrowthinlatam.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" title="Boosting the Private Sector In Latin America and the Caribbean">Boosting the Private Sector In Latin America and the Caribbean</a></div><span class="event-teaser__standfirst">Implementing policies to accelerate private sector-led growth</span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time datetime="2025-03-26T14:30:00.000Z">Wednesday, 26 March</time></span><span class="event-teaser__location">Digital Conference</span></div></div></div> <div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="ee971e45-3d2f-477c-9f87-310fde7ce82e" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://businesseducation.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" data-trackable="event-teaser-brand-link">FT Live</a><div class="event-teaser__title-heading" role="heading" aria-level="4"><a class="event-teaser__title" data-trackable="event-teaser-title" href="https://businesseducation.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" title="Future of Business Education: Spotlight on MBA 2025">Future of Business Education: Spotlight on MBA 2025</a></div><span class="event-teaser__standfirst">Developing the skills for success</span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time datetime="2025-03-27T13:30:00.000Z">Thursday, 27 March</time></span><span class="event-teaser__location">Digital Conference</span></div></div></div> <div class="event-teaser" data-trackable="event-teaser" data-trackable-context-content-id="71d5370a-e264-4b35-945a-3016a040b1bf" data-o-tracking-view="true"><div class="event-teaser__content-container"><div class="event-teaser__details"><a class="event-teaser__brand" href="https://insurancegrowth.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" data-trackable="event-teaser-brand-link">FT Live</a><div class="event-teaser__title-heading" role="heading" aria-level="4"><a class="event-teaser__title" data-trackable="event-teaser-title" href="https://insurancegrowth.live.ft.com/?segmentId=670a71df-8084-ecde-e790-63bb7341b637" title="Driving Growth in a New Insurance Ecosystem">Driving Growth in a New Insurance Ecosystem</a></div><span class="event-teaser__standfirst">Navigating relentless change in the insurance industry</span></div><div class="event-teaser__footer"><span class="event-teaser__timestamp event-teaser__timestamp--start-date"><time datetime="2025-04-02T13:00:00.000Z">Wednesday, 2 April</time></span><span class="event-teaser__location">Online</span></div></div></div> </div> <div class="o-teaser-community__button-wrapper"> <a class="aside--community__community-button" data-trackable="aside-section--button" href="https://events.ft.com/events-list"> Explore all events </a> </div> </aside> <div class="o-ads advert--sidebar advert--sidebar-mid1 " data-o-ads-name="mid1-non-responsive-large" data-o-ads-targeting="pos=mid1" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="false" data-o-ads-formats-medium="false" data-o-ads-formats-large="MediumRectangle,OneByOne,HalfPage,Responsive" data-o-ads-formats-extra="MediumRectangle,OneByOne,HalfPage,Responsive" aria-hidden="true"> </div> </div> </div> </div> </div> </div></div></div><div class="n-layout__row n-layout__row--footer"><footer id="site-footer" class="o-footer o-footer--theme-dark" data-o-component="o-footer"><div class="o-footer__container"><div class="o-footer__row"><h2 class="o-normalise-visually-hidden">Useful links</h2><nav class="o-footer__matrix" role="navigation" aria-label="Useful links"><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-0">Support</h3><div class="o-footer__matrix-content" id="o-footer-section-0"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/tour" data-trackable="View Site Tips"><span class="o-footer__matrix-link__copy">View Site Tips</span></a><a class="o-footer__matrix-link" href="https://help.ft.com" data-trackable="Help Centre"><span class="o-footer__matrix-link__copy">Help Centre</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/contact-us" data-trackable="Contact Us"><span class="o-footer__matrix-link__copy">Contact Us</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/aboutus" data-trackable="About Us"><span class="o-footer__matrix-link__copy">About Us</span></a><a class="o-footer__matrix-link" href="/accessibility" data-trackable="Accessibility"><span class="o-footer__matrix-link__copy">Accessibility</span></a><a class="o-footer__matrix-link" href="/tour/myft" data-trackable="myFT Tour"><span class="o-footer__matrix-link__copy">myFT Tour</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/en-gb/careers/" data-trackable="Careers"><span class="o-footer__matrix-link__copy">Careers</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/suppliers" data-trackable="Suppliers"><span class="o-footer__matrix-link__copy">Suppliers</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-1">Legal & Privacy</h3><div class="o-footer__matrix-content" id="o-footer-section-1"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/terms-conditions/" data-trackable="Terms & Conditions"><span class="o-footer__matrix-link__copy">Terms & Conditions</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/privacy/" data-trackable="Privacy Policy"><span class="o-footer__matrix-link__copy">Privacy Policy</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/cookies/" data-trackable="Cookie Policy"><span class="o-footer__matrix-link__copy">Cookie Policy</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/preferences/manage-cookies" data-trackable="Manage Cookies"><span class="o-footer__matrix-link__copy">Manage Cookies</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/copyright/copyright-policy/" data-trackable="Copyright"><span class="o-footer__matrix-link__copy">Copyright</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal/slavery-statement/" data-trackable="Slavery Statement & Policies"><span class="o-footer__matrix-link__copy">Slavery Statement & Policies</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-2">Services</h3><div class="o-footer__matrix-content" id="o-footer-section-2"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/securedrop" data-trackable="Share News Tips Securely" data-o-tracking-do-not-track="true"><span class="o-footer__matrix-link__copy">Share News Tips Securely</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/products" data-trackable="Individual Subscriptions"><span class="o-footer__matrix-link__copy">Individual Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/professional-subscriptions?segmentId=383c7f[…]4-b62d-cb33-4c278e6fdf61&cpccampaign=B2B_link_ft.com_footer" data-trackable="Professional Subscriptions"><span class="o-footer__matrix-link__copy">Professional Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/republishing/" data-trackable="Republishing"><span class="o-footer__matrix-link__copy">Republishing</span></a><a class="o-footer__matrix-link" href="https://www.exec-appointments.com/" data-trackable="Executive Job Search"><span class="o-footer__matrix-link__copy">Executive Job Search</span></a><a class="o-footer__matrix-link" href="https://commercial.ft.com/" data-trackable="Advertise with the FT"><span class="o-footer__matrix-link__copy">Advertise with the FT</span></a><a class="o-footer__matrix-link" href="https://twitter.com/ft" data-trackable="Follow the FT on X"><span class="o-footer__matrix-link__copy">Follow the FT on X</span></a><a class="o-footer__matrix-link" href="https://channels.ft.com/" data-trackable="FT Channels"><span class="o-footer__matrix-link__copy">FT Channels</span></a><a class="o-footer__matrix-link" href="https://enterprise.ft.com/en-gb/services/group-subscriptions/secondary-education/" data-trackable="FT Schools"><span class="o-footer__matrix-link__copy">FT Schools</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-3">Tools</h3><div class="o-footer__matrix-content" id="o-footer-section-3"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio"><span class="o-footer__matrix-link__copy">Portfolio</span></a><a class="o-footer__matrix-link" href="https://applink.ft.com/A6lV/2khsqyrh" data-trackable="FT App"><span class="o-footer__matrix-link__copy">FT App</span></a><a class="o-footer__matrix-link" href="https://digitaleditionapp.ft.com/i9DX/259czdht" data-trackable="FT Digital Edition"><span class="o-footer__matrix-link__copy">FT Digital Edition</span></a><a class="o-footer__matrix-link" href="https://ftedit.ft.com/Ju3k/pqkac2ds" data-trackable="FT Edit"><span class="o-footer__matrix-link__copy">FT Edit</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/alerts/" data-trackable="Alerts Hub"><span class="o-footer__matrix-link__copy">Alerts Hub</span></a><a class="o-footer__matrix-link" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings"><span class="o-footer__matrix-link__copy">Business School Rankings</span></a><a class="o-footer__matrix-link" href="https://subscription-manager.ft.com/" data-trackable="Subscription Manager"><span class="o-footer__matrix-link__copy">Subscription Manager</span></a><a class="o-footer__matrix-link" href="/news-feed" data-trackable="News feed"><span class="o-footer__matrix-link__copy">News feed</span></a><a class="o-footer__matrix-link" href="/newsletters" data-trackable="Newsletters"><span class="o-footer__matrix-link__copy">Newsletters</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/currencies" data-trackable="Currency Converter"><span class="o-footer__matrix-link__copy">Currency Converter</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-4">Community & Events</h3><div class="o-footer__matrix-content" id="o-footer-section-4"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://events.ft.com/events-list" data-trackable="FT Live Events"><span class="o-footer__matrix-link__copy">FT Live Events</span></a><a class="o-footer__matrix-link" href="https://forums.ft.com/" data-trackable="FT Forums"><span class="o-footer__matrix-link__copy">FT Forums</span></a><a class="o-footer__matrix-link" href="https://bdp.ft.com/" data-trackable="Board Director Programme"><span class="o-footer__matrix-link__copy">Board Director Programme</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title o-footer__matrix-title--link"><a class="o-footer__matrix-link o-footer__matrix-link--more" id="o-footer-5" href="https://ft.com/more-from-ft-group"><span class="o-footer__matrix-link__copy">More from the FT Group</span></a></h3></div></nav></div><div class="o-footer__copyright"><small>Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2025. <abbr title="Financial Times" aria-label="F T">FT</abbr> and ‘Financial Times’ are trademarks of The Financial Times Ltd.<br/>The Financial Times and its journalism are subject to a self-regulation regime under the <a href="https://aboutus.ft.com/en-gb/ft-editorial-code/" aria-label="F T Editorial Code of Practice">FT Editorial Code of Practice</a>.</small></div></div><div class="o-footer__brand"><div class="o-footer__container"><div class="o-footer__brand-logo"></div></div></div></footer><div class="n-layout__footer-after"><script data-pixel-src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22stream-page%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D">(function coreExperience() { if (/\bcore\b/.test(document.documentElement.className)) { // eslint-disable-next-line no-var var currentScript = document.scripts[document.scripts.length - 1]; // eslint-disable-next-line no-var var img = new Image(); img.alt = ''; img.src = currentScript.getAttribute('data-pixel-src'); } })();</script><noscript><img src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22stream-page%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D" alt=""/></noscript></div></div><div class="o-header__drawer" id="o-header-drawer" role="modal" aria-label="Drawer menu" aria-modal="true" data-o-header-drawer="true" data-o-header-drawer--no-js="true" data-trackable="drawer" data-trackable-terminate="true"><div class="o-header__drawer-inner"><div class="o-header__drawer-tools"><button type="button" class="o-header__drawer-tools-close" title="Close side navigation menu" aria-controls="o-header-drawer" data-trackable="close"><span class="o-header__visually-hidden">Close side navigation menu</span></button><nav class="o-header__drawer-menu o-header__drawer-edition-switcher" aria-label="Edition switcher"><span class="o-header__drawer-menu-item">Edition:</span><span class="o-header__drawer-menu-item o-header__drawer-current-edition">International</span><div class="o-header__drawer-divider"></div><a class="o-header__drawer-menu-link" href="/?edition=uk">UK</a></nav></div><div class="o-header__drawer-search"><form class="o-header__drawer-search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-drawer-search-term" class="o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-drawer-search-term" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" data-trackable="search-term" data-n-topic-search-input="true" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-drawer-search-term" data-n-topic-search-drawer="true"/><button class="o-header__drawer-search-submit" type="submit" data-trackable="search-submit"><span class="o-header__visually-hidden">Search</span></button></span></label></form></div><div class="o-header__drawer-actions"><a class="o-header__drawer-button" role="button" href="/products?segmentId=4526c036-7527-ab37-9a29-0b0403fa0b5f" data-trackable="subscribe-button">Subscribe for full access</a></div><nav class="o-header__drawer-menu o-header__drawer-menu--primary"><h2 id="top-sections" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">Top sections</h2><ul aria-labelledby="top-sections" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/" data-trackable="Home">Home</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/world" data-trackable="World">World</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-1" data-trackable="sub-level-toggle | World">Show more World</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-1" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-war" data-trackable="Middle East war">Middle East war</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/global-economy" data-trackable="Global Economy">Global Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/world-uk" data-trackable="UK">UK</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us" data-trackable="US">US</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/china" data-trackable="China">China</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/africa" data-trackable="Africa">Africa</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/asia-pacific" data-trackable="Asia Pacific">Asia Pacific</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/emerging-markets" data-trackable="Emerging Markets">Emerging Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/europe" data-trackable="Europe">Europe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/war-in-ukraine" data-trackable="War in Ukraine">War in Ukraine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/americas" data-trackable="Americas">Americas</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-north-africa" data-trackable="Middle East & North Africa">Middle East & North Africa</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/us" data-trackable="US">US</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-2" data-trackable="sub-level-toggle | US">Show more US</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-2" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-economy" data-trackable="US Economy">US Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investing-in-america" data-trackable="Investing in America">Investing in America</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-companies" data-trackable="US Companies">US Companies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-politics-policy" data-trackable="US Politics & Policy">US Politics & Policy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-presidential-election-2024" data-trackable="US Presidential Election 2024">US Presidential Election 2024</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/companies" data-trackable="Companies">Companies</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-3" data-trackable="sub-level-toggle | Companies">Show more Companies</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-3" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--selected o-header__drawer-menu-link--child" href="/financials" data-trackable="Financials" aria-label="Financials, current page" aria-current="page">Financials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/health" data-trackable="Health">Health</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/media" data-trackable="Media">Media</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/professional-services" data-trackable="Professional Services">Professional Services</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/technology" data-trackable="Tech">Tech</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-4" data-trackable="sub-level-toggle | Tech">Show more Tech</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-4" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/artificial-intelligence" data-trackable="Artificial intelligence">Artificial intelligence</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/semiconductors" data-trackable="Semiconductors">Semiconductors</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/markets" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/crypto" data-trackable="Crypto">Crypto</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/capital-markets" data-trackable="Capital Markets">Capital Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/etf-hub" data-trackable="ETF Hub">ETF Hub</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/fund-management" data-trackable="Fund Management">Fund Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-trading-room" data-trackable="Trading">Trading</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/climate-capital" data-trackable="Climate">Climate</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/opinion" data-trackable="Opinion">Opinion</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-7" data-trackable="sub-level-toggle | Opinion">Show more Opinion</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-7" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/columnists" data-trackable="Columnists">Columnists</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-view" data-trackable="The FT View">The FT View</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/the-big-read" data-trackable="The Big Read">The Big Read</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House & Home">House & Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/puzzles-games" data-trackable="Puzzles">Puzzles</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/pensions" data-trackable="Pensions">Pensions</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/tax" data-trackable="Tax">Tax</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/banking-savings" data-trackable="Banking & Savings">Banking & Savings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/advice-comment" data-trackable="Advice & Comment">Advice & Comment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/next-act" data-trackable="Next Act">Next Act</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/htsi" data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-edit" data-trackable="FT Edit">FT Edit</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lunch-with-the-ft" data-trackable="Lunch with the FT">Lunch with the FT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/tech-asia" data-trackable="#techAsia">#techAsia</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/visual-and-data-journalism" data-trackable="Visual and data journalism">Visual and data journalism</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/newsletters" data-trackable="Newsletters">Newsletters</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/video" data-trackable="Video">Video</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/podcasts" data-trackable="Podcasts">Podcasts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/news-feed" data-trackable="News feed">News feed</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-schools" data-trackable="FT Schools">FT Schools</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://events.ft.com/events-list" data-trackable="FT Live Events">FT Live Events</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://forums.ft.com/" data-trackable="FT Forums">FT Forums</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://bdp.ft.com/" data-trackable="Board Director Programme">Board Director Programme</a></li></ul><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--divide"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="/myft" data-trackable="myFT">myFT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio">Portfolio</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://digitaleditionapp.ft.com/i9DX/259czdht" data-trackable="FT Digital Edition">FT Digital Edition</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/crossword" data-trackable="Crossword">Crossword</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/tour/apps" data-trackable="Our Apps">Our Apps</a></li></ul></nav><nav class="o-header__drawer-menu o-header__drawer-menu--user" data-trackable="user-nav"><ul class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="https://help.ft.com" data-trackable="Help Centre">Help Centre</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/products?segmentId=d290332b-e8e8-d29b-2ff4-2019b13f008a" data-trackable="Subscribe">Subscribe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/login?location=/financials" data-trackable="Sign In">Sign In</a></li></ul></nav></div></div></div><script type="application/json" id="page-kit-app-context">{"appName":"stream-page","product":"next","edition":"international","appVersion":"bb05925627edf684126e9dc4ac7fc097fd7f4922","abTestState":"messageSlotBottom:cookieConsentC,articlecommunitypromoevent:variant2,appleSignUpForBuyFlowTest:variant,adsmvt2:control","isProduction":true,"isUserLoggedIn":false,"pageKitVersion":"11.0.5","conceptId":"b062fd6b-01fa-4049-a1bc-092f9f43c307","conceptType":"http://www.ft.com/ontology/Topic"}</script><script type="application/json" id="page-kit-flags-embed">{"articleRelatedContent":true,"ads":true,"javascript":true,"oTracking":true,"articleComments":true,"myFtApi":true,"articleShareButtons":true,"myFtApiWrite":true,"adTargetingUserApi":true,"videoPlayerAdvertising":true,"streamMostRead":true,"openGraph":true,"nativeAds":true,"syndication":true,"myFTEmailDisableABAlloc":true,"streamRecommendedStoriesList":true,"newsletterSignupOnArticle":true,"myFTInstantNotifications":true,"myftPrioritiseTopics":true,"showEventPromo":true,"myftConsentSwitch":true,"manageCookiesWhiteLabel":true,"AdsPermutive":true,"syndication_promo":true,"messageSlotBottom":"cookieConsentC","enableGTM":true,"myftPageAppNotificationsToggle":true,"realUserMonitoringForPerformance":true,"textCopyTracking":true,"enableBrandmetricsSurveyScript":true,"managePremiumCancellationJourney":true,"articleInstantAlertsPromo":true,"manageStepUpCancellationJourney":true,"manageStandardCancellationJourney":true,"manageStepUpTransitionJourney":true,"manageDirectCancellationJourney":true,"privShowCCPALinkOnFooter":true,"optimizely":true,"graphicSyndication":true,"adsNativeLazyload":true,"enableRavelinOnProd":true,"enableMarketingAnalyticsTags":true,"streamPageGraphicsList":true,"useFlourish":true,"adsHighImpact":true,"monthlyTermForPremiumCovidCohort":true,"enableNonUKDeliveryAddress":true,"homePageHeaderMarketsData":true,"enableGoogleExtendedMeter":true,"inArticleContentSignUp":true,"frontPageCommunitySection":true,"newBuyFlow":true,"bizzaboRegistrationEnabled":true,"enableSingleTermSubscriptions":true,"newsletterAutoEnrolment":true,"eventsInMyFtPage":true,"eventsInDigestEmails":true,"eventsInStreamPage":true,"ftGlobetrotterBanner":true,"scrollytellingImages":true,"emailVerificationOnSignupForms":true,"AdsExtraMobileSlot":true,"dotcomPages":true,"fomoPage":true,"exponeaOnsiteMessaging":true,"homepageInteractivesEmbeds":true,"bankTransferFeature":true,"articlecommunitypromoevent":"variant2","purgeableLongTailArticleCaching":true,"myAccountLanding":true,"chatterboxChat":true,"liveChat":true,"AdsCompaniesTypeaheadDemo":true,"reverseCancellation":true,"adsPGHomePage":true,"saveMeDisplayEdit":true,"adsCommentsRHR":true,"adsPGSearchPage":true,"stripeForIndia":true,"showNoOffersPageInRetention":true,"adsDisableInternalCMP":true,"myFTInstantAlertsOnboarding":true,"proCentralBanking":true,"magnetOnArticle":true,"myftFollowButton":true,"customCodeComponent":true,"extensibleFrontends":true,"adsAppDisableInternalCMP":true,"experimentalAccountEntryTest":true,"enableSubX":true,"homepageClips":true,"enableAppleSignUpForRegFlow":true,"enableAppleSignUpForBuyFlow":true,"workspaceTeaserContextMenu":true,"appleSignUpForBuyFlowTest":"variant","personalFinanceCourseOfferSubscriberRenewalJourney":true,"retentionDirectToSeperateCancelCompareController":true,"enableCorporateBarrier":true,"onboardingCsatSurveyEnabled":true,"adsInsertTexasDNSLink":true,"pro-signup-welcome-page-v2-enabled":true,"inArticleContentSignUpUSElectionNewsletter":true,"enableFTEditRegisterFlow":true,"backToTopButton":true,"amplitudeExperiment":true,"pro-signup-onboarding-enabled":true,"useFlourishIFrame":true,"commentsOnlySubscriber":true,"pro-workspace-recommendation-cards-enabled":true,"articleToolsBox":true,"accountSettingsBillingDetailsPaypal":true,"adsVideoPageConsent":true,"clipsEnhancedPlayer":true,"adsEnableMiniBillboard":true,"ads-refresh-pc":true,"enableProfessionalSubscriptionCheck":true,"ads-validate-traffic-ias":true,"adsEnableMiniBillboardWeb":true,"professional-newsletter-autoenrol-ab":true,"adsArticlePcStyling":true,"mprHomePageSlice":true,"liveChatProjectFelix":true,"ads-first-party-gtm":true,"liveBlogPagination":true,"enableWhiteHouseWatchNewsletterSignup":true,"articleBulletPointSummary":true,"adsEnableGpp":true,"adsValidateTraffic":true,"enableZephr":true,"enableOneMustReadNewsletterSignup":true,"enableSubscriptionTask":true}</script></body></html>