Scot free… No censure for Fred the Shred December 2, 2010 SHAMED banker Sir Fred Goodwin escaped censure for his role in the near-collapse of Royal Bank of Scotland (RBS) yesterday. After an 18-month investigation the Financial Services Authority (FSA) decided there was no fraud or dishonest activity by the former bank boss or his executives. It said a series of “bad decisions” were made, in [...]
£53,000,000,000: how much the City paid in tax last year December 15, 2010 THE City paid a staggering £53.4bn in tax last year – more than a tenth of total government tax receipts. The report carried out by PwC for the Corporation of London shows tax paid by the UK’s financial services industry is ahead of any other sector. Business leaders and industry figures lauded the City for [...]
£53,000,000,000: how much the City paid in tax last year December 15, 2010 THE City paid a staggering £53.4bn in tax last year – more than a tenth of total government tax receipts. The report carried out by PwC for the Corporation of London shows tax paid by the UK’s financial services industry is ahead of any other sector. Business leaders and industry figures lauded the City for [...]
RBS finalises WorldPay sale December 1, 2010 Royal Bank of Scotland (RBS) finalised the sale of its WorldPay business yesterday, while new owners Advent International and Bain Capital pledged to invest £200m in the payment processing firm. The EU-enforced sale of the £2bn business, agreed in August, leaves RBS with a 20 per cent stake in the company. Advent and Bain promised [...]
Losing talented staff costs UK £42bn a year October 3, 2010 UK EMPLOYERS are facing an annual £42bn bill to replace top talent, while almost a quarter of employees are looking for a new job because of insufficient pay. According to new research from audit giant PricewaterhouseCoopers (PwC), the cost of replacing a competent member of staff equals roughly a year of that person’s salary – [...]
Increased IPOs could herald market comeback October 7, 2010 AN increase in initial public offerings (IPO) on the Alternative Investment Market (AIM) in the last quarter may signal the start of a market recovery, research suggested yesterday, despite the summer months being a traditionally quieter period for listings. PricewaterhouseCoopers (PwC) said listings on Aim increased from 10 in the second quarter, worth a total [...]
Ernst & Young is falling behind its big four rivals October 5, 2010 ERNST & Young (E&Y) has reported flat revenue growth across its global offices, falling behind big four rivals Deloitte Touche Tohmatsu and PwC. The accounting giant posted $21.3bn (£13.3bn) in global revenue, marking a slight decrease from 2009 when global income came to $21.4bn. The firm’s results place it behind Deloitte and PwC, which both [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 13, 2010 FINANCIAL TIMES US REGULATOR WIDENS STANFORD PROBE TO BROKERS US securities regulators have broadened their investigation into the alleged $8bn Ponzi scheme run by Allen Stanford, the Texan billionaire, to include brokerage executives who invested their clients’ money in Stanford International Bank products. JPMORGAN CUTS BACK ON US SILVER FUTURES JPMorgan has quietly reduced a [...]
CITY OF LONDON CHIEF HITS OUT AT PAY RULES December 12, 2010 CITY of London policy chief Stuart Fraser has slammed new EU laws regulating bonus payments as “political point scoring” that will drive business out of Europe and destroy London’s status as a global financial capital. In his column for City A.M. today, Fraser, the chairman of the policy and resources committee at the City of [...]
CITY OF LONDON CHIEF HITS OUT AT PAY RULES December 12, 2010 CITY of London policy chief Stuart Fraser has slammed new EU laws regulating bonus payments as “political point scoring” that will drive business out of Europe and destroy London’s status as a global financial capital. In his column for City A.M. today, Fraser, the chairman of the policy and resources committee at the City of [...]