M&A sprees are addictive… and they cause me to sell, sell, sell September 15, 2020 Aswath Damodaran has a blunt message for companies considering an acquisition: “Don’t do it.” “I firmly believe that acquisitions are an addiction, that once companies start to grow through acquisitions, they cannot stop,” Aswath Damodaran, Professor of Finance at New York University Stern School of Business, told the audience at the CFA Institute Equity Research [...]
Coronavirus: Law and accountancy firms move to remote working in face of covid-19 pandemic March 16, 2020 A string of big legal and accountancy firms have triggered emergency remote working plans this week, sending thousands of workers home as the coronavirus crisis rages. Big Four audit firm Deloitte is asking all its UK staff to work from home tomorrow, while KPMG is allowing staff to work from home if they choose. Magic [...]
Department store chain Beales falls into administration January 20, 2020 Department store chain Beales has entered administration this morning, putting more than 1,000 jobs at risk. The retailer had been in crisis talks with potential buyers in a bid to stave off a collapse, however the company was unable to secure a deal. Professional services firm KPMG has been appointed as administrator, and the firm’s [...]
Permanent job appointments fall due to political uncertainty December 6, 2019 The number of permanent job appointments dropped again last month as growth in the demand for staff fell to a ten year low due to political uncertainty heightened by the upcoming General Election. November’s drop in permanent appointments stretched the length of the decline to nine months, the longest period of contraction since the financial [...]
City Moves 17 February: Who is switching jobs in the Square Mile this week? February 17, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. This week we see movements across the financial sector, with the City of London Group, BNP Paribas and Gateley Capitus all welcoming fresh additions. BNP Paribas AM gets new deputy CEO BNP Paribas Asset Management appointed a [...]
KPMG’s South African wing will donate fees from scandal-tied Gupta family December 3, 2018 The South African branch of accountancy firm KPMG said it will redistribute the fees it earned for the country’s scandal-hit Gupta family. KPMG will repay 47 million rand (£2.7m) to several civil society organisations aimed at promoting ethical leadership and accountable governance, and some education non-profits, it announced today. The firm has suffered a series [...]
UK insolvencies spike as construction firms struggle February 10, 2020 The number of UK firms falling into administration jumped last year, driven by companies in the building and construction industry. In total, 1,403 firms entered administration last year compared to 1,341 in 2018 – a rise of just under five per cent. Building and construction firms were the hardest hit by challenging trading conditions last [...]
KPMG will halt non-audit work on FTSE 350 clients in wake of Carillion November 8, 2018 KPMG is set to become the first of the so-called Big Four to cease all non-audit work for FTSE 350 clients in the wake of Carillion. The auditor will stop providing all but some essential non-audit services for the 90 FTSE 350 customers whose accounts it audits, it has told 625 UK partners in a [...]
Permanent job numbers increased for first time in over a year following general election February 7, 2020 Improved market confidence has led to the first back-to-back increase in permanent jobs for over a year. According to KPMG and REC’s new jobs report, recruiters signalled a further rise in permanent staff appointments in January following the general election. The appointments rose in the North and South of England but fell in London and [...]
Intu ready to call in the administrators as funding talks fail June 26, 2020 Intu said it is set to call in administrators today after cliff-edge negotiations with lenders failed to secure its future. The retail landlord said “unfortunately, insufficient alignment and agreement has been achieved” with key creditors on a standstill on loan repayments, ahead of its debt waiver period expiring at midnight tonight. Intu was already suffering [...]