Bank jobs under threat, London’s largest heist and introducing Guffipedia

This article is published in collaboration with FirstFT.

Big banks in Europe and the US announced almost 100,000 new job cuts this year, and thousands more are expected from BNP Paribas and Barclays early next year, as the wave of lay-offs that began in 2007 shows no sign of abating.

The 2015 cuts — which exclude the impact of major asset sales — amount to more than 10 per cent of the total workforce across the 11 large European and US banks that announced fresh lay-offs, according to analysis by the Financial Times. (FT)

In the news

Climate obstacles emerge within hours The challenges facing this weekend’s historic international accord to limit greenhouse gas emissions were thrown into relief on Sunday when businesses and government officials played down the impact of the deal and US Republicans underlined their opposition. The accord has been hailed as a turning point after more than 20 years of effort to make this century the last powered by fossil fuels. (FT)

France’s National Front falls short French voters turned out in droves in an apparent attempt to repel the far-right party, which had hoped to win control of a regional government in elections on Sunday. Estimates showed a surge in voting, with turnout up sharply from last week’s first round, when the anti-immigration party scored more than 40 per cent of the vote. Exit polls signalled the FN suffered heavy defeats in Nord-Pas-de-Calais and Provence. (FT)

Tycoon silent upon reappearance Guo Guangchang, the Chinese tycoon caught up in Beijing’s anti-corruption drive, has emerged in public for the first time after four days out of sight while assisting a judicial investigation. The disappearance of the Fosun group chairman sparked fears of a dangerous new phase in companies’ relations with the Communist party. (FT)

Saudi Arabia elects first female politicians The kingdom elected more than a dozen female politicians in municipal polls in a historic event that saw women allowed to vote and stand for office for the first time. The wins by at least 14 women mark a small step towards addressing gross gender imbalances in the kingdom. (FT)

Russo-Turkish tensions rise Moscow said one of its warships had been forced to fire warning shots at a Turkish vessel in the Aegean Sea to avoid a collision, and that it had summoned the Turkish military attaché over the incident, which comes weeks after Turkey downed a Russian military jet. (FT)

It’s a big day for

Chinese relations with central Asia Chinese President Xi Jinping hosts a meeting of the Shanghai Cooperation Organisation, which seeks to improve economic and security ties with Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. Leaders are expected to sign a series of trade deals. (Xinhua)

Food for thought

FT person of the year: Angela Merkel From the Greek debt crisis to the influx of refugees into Europe, the German chancellor was the person who made the greatest impact on global affairs in 2015. The two crises underscored an incredible transformation in the world’s perception of Ms Merkel, from her cautious relations with Athens to her warm embrace of the migrants fleeing violence in the Middle East. (FT)

Ol’ blue eyes at 100 Frank Sinatra, the first modern pop superstar, was born a century ago. His musical legacy as the man who infused popular song with intimate personal emotion looms large. But the mythology surrounding the Chairman of the Board’s life is beginning to wear thin. (FT)

London’s largest heist For years the four old-timers — career thieves with long rap sheets — met at the Castle pub to talk about putting together that one last score. Over Easter, the four, ranging in age from 60 to 76, pulled off what prosecutors are calling the largest burglary ever in England, making off with $30m in gold, jewellery and gems from Hatton Garden, for centuries the centre of London’s jewellery trade. (NYT)

The employees shut inside coffins In a nondescript office block in Seoul, staff from a recruitment company are staging their own funerals. Dressed in robes, they write final letters to loved ones before being shut into a casket by a man dressed in black, representing the Angel of Death. The point of this macabre ritual? To teach the value of life in a country with one of the highest suicide rates in the world. (BBC)

Introducing Guffipedia Over the years, the FT’s Lucy Kellaway has put together a veritable anthology of guff — a compendium of the worst examples of jargon on offer. Now, going forward, she is reaching out to readers: “I am urging you to submit horrible new words or phrases, to have a stab at translating them into serviceable English.” (FT)

Video of the day

Office Space: CBI The employers’ organisation recently moved offices in an attempt to shake off its drab past and revitalise its staff. The FT’s Lucy Kellaway finds out if hubs, pods and a lot of colour have done anything to help. (FT)

Publication does not imply endorsement of views by the World Economic Forum.

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Author: FirstFT is the Financial Times’ editors curated free daily email of the top global stories from the FT and the best of the rest of the web.

Image: A pedestrians walks under an arch opposite the Bank of England in London. REUTERS/Suzanne Plunkett.