Clifford Chance to leave Canary Wharf HQ for new City offices November 16, 2022 Clifford Chance is set to return to the City after striking a deal to leave its Canary Wharf headquarters in 2028. The Magic Circle law firm has struck a deal with Great Portland Estates (GPE) to rent 321,000 sq ft of office space at the property developer’s 2 Aldermanbury Square project, which is set to [...]
UK failing to tackle fraud epidemic, warns National Audit Office November 15, 2022 The UK government lacks a coherent strategy for tackling fraud and has significant gaps in its understanding of the problem, according to a new report by the National Audit Office (NAO). The situation has seen action taken against fraudsters drop over the past five years, even as the level of fraud across the economy has [...]
Derwent: London property investment trust credits ‘busy’ West-End and return to the office for uptake in leases May 4, 2023 Derwent, the London property investment trust, has told investors that London and the West-End is “busy” as a return to offices and shopping signal better times for the capital. In its first quarter trading update, the FTSE 250 real estate firm revealed a 6.6 per cent uptake in the number of leases secured which totalled [...]
Hybrid hinders London commercial space as John Lewis slashes head office value by £15.6m June 20, 2023 The John Lewis Partnership (JLP) has slashed the value of its London head office by £15.6m in the latest signal that hybrid working trends continue to hinder the capital’s commercial work space. It comes as last month the retail group revealed that it was ending the lease on its head office in Victoria, London as [...]
Private investors gear up for £2.4bn London office spending spree February 2, 2023 Private investors and ultra-high net worth individuals are expected to snap up London office assets worth £2.4bn this year, a figure which has jumped by 60 per cent in the past 12 months. According to research published by real estate agency Knight Frank, the cash rich investment group is expected to be in a strong [...]
Cash transactions at eight-month high as Brits turn to Post Office amid mass bank branch closures June 12, 2023 Cash transactions at post offices reached an eight-month high in May. Some £3.33 billion-worth of transactions were made, marking the highest total since last September, when it was £3.35 billion. Business and personal cash deposits totalled £2.48 billion in May, marking a 10% month-on-month increase. Personal cash withdrawals totalled £817 million in May, up by [...]
Banks must do more to tackle Post Office cash-based money laundering, warns FCA April 24, 2023 The UK’s financial watchdog “put banks on alert” as it announced a series of measures to step up the fight against money laundering through the Post Office. Tackling financial crime is a key objective for both the Financial Conduct Authority (FCA) and the government. Last month the government announced part two of its Economic Crime [...]
Citibank’s Malaga office will be a far cry from a paradise September 23, 2022 Recruits to the Costa del Sol have been told they will “only” have to work eight hour days, and will be granted weekends off.
Five mayors preparing legal action against 1,000 rail ticket office closures – but Sadiq Khan not asked July 18, 2023 Greater Manchester mayor Andy Burnham and four other mayors are preparing to take legal action against train operators in an effort to stop the closure of just under 1,000 ticket offices. Industry body Rail Delivery Group drew up plans to close the offices across the country and will move onto station concourses to assist passengers [...]
TSB Bank’s ex-chief information officer fined more than £80,000 over IT debacle April 13, 2023 TSB Bank’s former chief information officer has been fined £81,620 by the industry watchdog for failures relating to the botched merger of the firm’s IT services in 2018. The Prudential Regulation Authority (PRA) said Carlos Abarca, who left the bank in December 2019, “failed to take reasonable steps” to ensure that TSB managed the outsourcing [...]