Dominic is a London-based columnist covering investment banking. Prior to Breakingviews, he spent two years at moneydealer ICAP, where he brokered equity derivatives trades between investment banks, high-frequency trading firms and hedge funds. He has more than five years of financial journalism experience, including stints as news editor and investment banking editor at Financial News. He has also written for The Wall Street Journal Europe. Dominic holds an MA in Classics from Oxford University and an MSc in Development Management from the London School of Economics. Follow Dominic on Twitter @DominicElliott
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Britain’s Shazam touts a $1 bln valuation and TransferWise has raised $58 mln. Big sums flowing into European tech are great for a sector long starved of capital. But VC there is still dwarfed by the U.S. industry. A narrower gap would benefit entrepreneurs, staff and investors.
UBS is to join Credit Suisse in paying bankers partly in high-risk bonds that implode if capital ratios weaken. Using debt is a spur to longer-term thinking, and is a check on recklessness. Those who still only pay in cash and stock – like Deutsche Bank – should follow suit.
The UK mobile payments company has guided for flat 2015 revenue and put itself up for sale, citing share price weakness. Visa’s stake sale and the launch of Apple Pay were catalysts. And a shift from a licence model to subscriptions is proving tricky for all software providers.
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