G4S to face more competition declares Francis Maude November 7, 2013 In a speech to analysts on Thursday, Cabinet Office minister Francis Maude has said that G4S and Serco will face increasing competition from domestic and international companies. Francis, speaking this afternoon said: There will be new entrants coming into that market, both international players but also new entities coming into existence and suppliers who currently [...]
Serco shares plummet as contractor faces lower profits in wake of government investigation November 14, 2013 Serco has warned that profits for 2013 may be lower than expected and earnings for 2014 will be lower than 2013. The company has suffered a sharp fall in its share price of over 10 per cent this morning. Serco's problems have been magnified due to an investigation launched by the Serious Fraud Office (SFO) [...]
Serco boss quits following scandal over government contracts October 25, 2013 Serco Group has today announced its chief executive Christopher Hyman has resigned, in a bid to restore the company's reputation, following an overcharging scandal. Back in July, the government services firm was shaken by allegations of fraud, after justice secretary Chris Grayling accused it of overcharging on contracts to tag criminals. The company reports [...]
Serco’s shares plummet after profit warning November 14, 2013 SERCO, the outsourcing firm at the centre of a string of investigations over government contracts, saw its bad run continue yesterday when it issued a profit warning for 2013 and 2014, sending its shares down 17 per cent. Serco blamed “challenging market conditions” and the government contracts debacle for cutting into profits and warned that [...]
Serco in fraud probe over tags for the dead September 27, 2013 OUTSOURCING firm Serco could face a fraud probe after a government report alleged it was charging for electronically tagging criminals who were either dead, in prison, or had never been tagged. The Serious Fraud Office (SFO) yesterday confirmed that the Ministry of Justice has asked it to consider a full-blown investigation into the firm, following [...]
Serco in fraud probe over tags for the dead September 26, 2013 OUTSOURCING firm Serco could face a fraud probe after a government report alleged it was charging for electronically tagging criminals who were either dead, in prison, or had never been tagged. The Serious Fraud Office (SFO) yesterday confirmed that the Ministry of Justice has asked it to consider a full-blown investigation into the firm, following [...]
JP Morgan set to face charges over pre-crash mortgage bonds September 23, 2013 JP MORGAN could face another legal suit as the US Justice Department plans to sue the bank over mortgage bonds sold in the boom years, it emerged last night. It comes less than a week after the bank paid $920m (£573m) to settle with regulators on both sides of the Atlantic over the London Whale [...]
JP Morgan fined $13,000,000,000 October 21, 2013 JP Morgan agrees record fine but could still face criminal claims JP MORGAN is facing a record $13bn (£8bn) bill to settle mortgage market claims with US regulators this week – but even the record payment is not expected to be enough to stop criminal cases being brought. The unprecedented payment is expected to cover [...]
$13,000,000,000 fine for JP Morgan October 21, 2013 JP Morgan agrees record fine but could still face criminal claims JP MORGAN is facing a record $13bn (£8bn) bill to settle mortgage market claims with US regulators this week – but even the record payment is not expected to be enough to stop criminal cases being brought. The unprecedented payment is expected to cover [...]
Serco tight-lipped on rumours of UK and Europe chief’s exit October 6, 2013 TROUBLED outsourcing firm Serco was thrown into further turmoil after it emerged yesterday that its UK and Europe chief executive is expected to leave. The company – which dropped out of the FTSE 100 at the latest quarterly reshuffle – would not confirm Jeremy Stafford’s imminent departure, which was reported by the Sunday Times citing [...]