Spike in PwC partners taking early retirement amid Big Four slowdown Big Four A larger-than-usual number of partners at PwC are choosing to step down at the end of this year, as the Big Four accountant looks to boost its performance amid slowing growth. The financial services giant’s 1,030 partners learned earlier this week that several dozen of their colleagues would be taking early retirement, after new UK [...]
HMV suspends plans for new shops as Budget hikes costs Retail HMV has suspended plans to open more new stores next year, blaming the decision on the government’s tax-raising Budget. The company planned to open multiple shops in the UK in 2025, but HMV’s owner Doug Putman told The Telegraph yesterday that this proposal was now on hold following the Budget. Confirming the decision, Putman told [...]
HSBC poaches Citi veteran to lead Innovation Banking Banking HSBC has poached Citigroup veteran Emily Turner to be chief executive of its Innovation Banking arm, formerly known as Silicon Valley Bank UK. Turner is due to join the bank in February, subject to regulatory approval, succeeding Erin Platts – who will join investment firm Octopus Ventures in the new year. A 13-year veteran of [...]
Exclusive: European rugby chief leaves after 10 years with EPCR November 21, 2024 The Chief operating officer of European club rugby’s governing body Anthony Lepage is parting ways with EPCR after a decade, City AM can reveal. The news comes on the eve of the return of the Champions Cup and Challenge Cup, with Lepage set to move on to pastures new. He joined EPCR in 2014 as [...]
Ofwat blocks nine water firms from using customer cash for hefty bonuses November 21, 2024 Ofwat said it would use new powers to prevent customers paying for £6.8m in payouts across the industry, 73 per cent of the total.
Rachel Reeves needs to channel Alexander the Great, says City group November 21, 2024 The Association of British Insurers called on Rachel Reeves to break the “regulatory Gordian knot” last night – Hannah Gurga told City AM why the group is calling for faster reform. According to ancient Greek legend, he who untied the Gordian knot was destined to rule over the whole of Asia. Unravelling the stubborn splice [...]
Hospitality firms are bracing for the return of inflation November 21, 2024 October’s inflation figure has worried hospitality firms. While it is not too far above target – 2.3 per cent versus the sweet spot of two per cent – and one month does not constitute a trend, it has exacerbated concerns companies already had about the future of their industry. There are two reasons hospitality is [...]
Global dividends hit record high despite UK drop off November 21, 2024 Global dividends hit a record third quarter high in 2024 after rising to $431.1bn (£340.7bn), despite a sharp drop off in UK payouts. Globally, 9 companies in ten (88 per cent) increased their dividends or held them flat, but UK dividends fell seven per cent to $25.8bn (£20.4bn) thanks in large part to mining sector [...]
The Capitalist: Farmers protest heats up; Guardian strikes; Jaguar’s rebrand November 21, 2024 The farmers protest escalates, Guardian hacks threaten strikes and more; catch up on the latest City gossip in The Capitalist.
To tackle fraud, it’s time to start paying whistleblowers November 21, 2024 A new offence of ‘failure to prevent fraud’ is a good start, but if we really want to stop this crime we need better incentives for whistleblowers, says Dr Alison Cronin Earlier this month the government published its guidance on the new corporate ‘failure to prevent fraud’ offence, from the Economic Crime and Corporate Transparency [...]