Tesco firefighter Dave Lewis has no time to pause as results come in October 22, 2014 It's day 53 for Dave Lewis as chief executive of Tesco. Ordinarily, that might be a time for a new boss to pause for breath, but the firefighting engulfing him since his arrival looks like the first act of a much longer-term drama. The word emerging from Tesco’s Cheshunt HQ is that there will [...]
Mobilising the best of British: How the City can get behind the new-look armed forces October 6, 2014 The Olympics, the Queen’s Diamond Jubilee and the annual Lord Mayor’s Show have all showcased the very best of Britain and London. And at the centre of each of these events have been our armed forces. As military operations in Afghanistan draw to a close, our armed forces are changing. We are expanding the role [...]
Four Tesco senior executives “step aside” and FCA called in as share price plummets 11pc after “profit overstatement” September 22, 2014 Four senior Tesco executives have been suspended while it investigates a £250m "overstatement" of half-year profits. One of the figures understood to have stepped aside is Chris Bush, the supermarket's UK managing director. Shares in the supermarket opened more than 11 per cent down this morning after it admitted the error. The embattled supermarket said it [...]
UK’s north sees confidence in recovery rise at fastest pace July 21, 2014 Confidence in the UK’s recovery is accelerating at the fastest pace in the north of England, Scotland and Northern Ireland, spreading from the parts of the country that growth reached earlier. Deloitte’s latest survey of consumer confidence, out today, shows that while London and the south east of England are the most confident parts [...]
Energy policy to blame for slump in North Sea drilling July 17, 2014 Changing energy policy is to blame for a dramatic drop in deals and drilling in the UK North Sea, a new report from Deloitte claims today. Seven exploration wells were drilled on the UK Continental Shelf in the second quarter of 2014, significantly lower than the 12 drilled in the previous quarter and the 17 [...]
New tech lifts competition to Europe’s banks June 23, 2014 EUROPE’S biggest banks are under increasing threat from new competition thanks to technology and ultra-low interest rates, a report reveals this morning. The report by business advisory firm Deloitte warns that banks burdened with higher regulatory capital requirements will have to cut costs and invest heavily in their IT systems if they are to remain [...]
Tesco is shopping for a new chairman October 23, 2014 SIR RICHARD Broadbent yesterday announced his plans to leave Tesco, and said he felt the need for a demonstration of accountability by the supermarket’s bosses. His decision came as the firm revealed its pre-tax profits had slumped 92 per cent on the year to £112m in the first six months of its financial year. Sales [...]
Private equity IPOs help push up investment banking fees July 2, 2014 The surge in new stock market listings has helped to propel investment banking fees to pre-crisis levels, cushioning sluggish fee growth from relatively subdued M&A activity. Global investment banking fees for the first half of 2014 rose 12 per cent compared to 2013 to reach $47.1bn (£27.5bn), the biggest six-month haul since 2007, according to [...]
City Moves for 09 September 2014 | Who’s switching jobs September 8, 2014 Lloyds Bank Madeleine McDougall has been appointed head of origination within Lloyds Bank Commercial Banking’s global corporate real estate business. She joins from Deutsche Pfandbriefbank, where she led its international client team in the UK. McDougall has also held roles at Eurohypo and Westimmo. EY Jason Lester has been appointed UK & Ireland managing partner [...]
Glastonbury no longer just for hippies as City gets ready to party June 26, 2014 Once the reserve of hippies and staunch lefties, Glastonbury has started to appeal to a much wider audience, with luxury winnebagos for £8,250 a pop for those not in favour of pitching tents. This year, we’re expecting Glasto regulars RLM Finsbury founder Roland Rudd, Deloitte head of property Andy Rothery, Serco’s newbie chief Rupert Soames [...]