Good morning! Here’s what you need to know in markets on Friday.
It’s President Trump’s inauguration day. The property tycoon-turned-politician is due to be sworn in at 5.00 p.m. GMT (12.00 p.m. ET) in Washington. Trump told supporters at a victory rally on Thursday evening: “We’re going to unify our country.”
Billionaire hedge fund manager George Soros on Thursday reiterated his belief that President-elect Donald Trump is “an imposter and con man and a would-be dictator.” Soros, 86, said at the World Economic Forum in Davos, Switzerland, that he is convinced the president-elect will fail.
Goldman Sachs was moving more jobs to Britain prior to the Brexit referendum but has slowed that down. Goldman CEO Lloyd Blankfein told Bloomberg TV in Davos on Thursday: “We were on track to move more and more of our global activity, so global ops, global technology, those things made more and more sense, to operate out of UK, out of Europe.”
The chief executive of Barclays has said that — even after a hard Brexit — the UK will most likely continue to represent “the financial lungs for Europe.” Jes Staley, speaking to the BBC on Thursday, admitted that his bank may have to relocate some jobs to other cities in the European Union after the UK quits the bloc, but said that the majority of the group’s European banking business would still be able to be done from the UK.
Asian stock markets are subdued. Japan’s Nikkei closed up 0.38%, the Hong Kong Hang Seng is down 0.20% at the time of writing (6.30 a.m. GMT/1.30 a.m. ET), and China’s Shanghai Composite is up 0.55%. US stock markets closed Thursday marginally lower.
Barratt Development’s chief financial officer is to leave the business a week after the house builder reported a sharp drop in the number of homes it built in London last year. Neil Cooper joined Barratt just 14 months ago, in November 2015, but has now left by mutual consent.
Couriers are quitting delivery startup Jinn over a controversial change to how it pays them for deliveries. The company’s East London offices were targeted by angry couriers in a protest on Wednesday night, with dozens turning up outside demanding to be paid and publicly registering their displeasure over the changes.
Uber has agreed to pay $20 million (£16.1 million) to some US drivers in order to settle the claim it misled them over pay. The BBC reports that Uber put out ads on Craigslist in the hope of attracting new drivers, saying they could earn $25 an hour. In truth, fewer than 10% of drivers actually managed to bring in that amount, according to a lawsuit brought by the US Federal Trade Commission.
Retail sales figures for December are coming. Data is due at 9.30 a.m. GMT (4.30 a.m. ET) and economists are expecting 0.2% growth on November and 7.3% growth on December 2015.
JPMorgan directors paid chief executive Jamie Dimon $28 million (£22.6 million) in total compensation for 2016, a 3.7% increase from the prior year, the company said on Thursday. His package includes a base salary of $1.5 million (£1.2 million) as well as cash and stock-related instruments that are tied to Dimon’s performance, the filing with the US Securities and Exchange Commission said.
Business Insider Emails & Alerts
Site highlights each day to your inbox.