KPMG in firing line over HBOS as MPs call for investigation December 14, 2015 MPs are calling for accountancy giant KPMG to be investigated for its role in the collapse of HBOS, branding its auditing practices a failure. Andrew Tyrie, chairman of the influential Treasury Select Committee, is urging the accountancy regulator, the Financial Reporting Council (FRC), to reconsider the need for a probe into the “big four” accountant. Tyrie [...]
Tata in talks to save Scunthorpe plant as steel industry continues to suffer December 13, 2015 Tata Steel UK has reportedly put together a restructuring plan that could save it’s Scunthorpe refinery from shutting down. A new investor has come onto the scene that could potentially see £400m being pumped into the business, it was reported in the Sunday Telegraph, citing sources close to the proposal. The deal could include an [...]
Waitrose targets 1,500 new jobs as part of store expansion plans December 13, 2015 Waitrose is ramping up its expansion with plans to launch 14 stores from the spring of next year, creating 1,500 jobs. The upmarket grocer said the new openings will include five supermarkets in towns such as Truro in Cornwall and Worcester in the Midlands. They also comprise of nine new little Waitrose convenience shops, one of [...]
City Moves for 14 December 2015 | Who’s switching jobs December 13, 2015 MARKETFORM Robert Brown has joined specialist underwriting firm Marketform as global practice leader of its M&A Insurance operations, heading up a team specialist underwriters and lawyers who are responsible underwriting complex transactions to provide bespoke warranty and indemnity and tax insurance products. Robert has more than 20 years’ worth of underwriting experience and has previously [...]
UK broadband battles: Ofcom consultation into BT pricing to close tomorrow December 13, 2015 Get ready for another round of the UK's broadband battles, as industry regulator Ofcom’s consultation into how much BT can charge its rivals for leasing its broadband lines closes tomorrow. After a month-long consultation, part of its Business Connectivity Market Review, Ofcom’s review into BT’s cost attribution methodologies closes tomorrow, leaving the watchdog with a [...]
Debenhams chief executive Michael Sharp could recieve £922,000 in deferred shares after performance targets were lowered December 13, 2015 Outgoing Debenhams chief executive Michael Sharp could earn up to £922,500 in deferred shares this year, and a further £307,500 next year after the company’s performance targets were lowered. Sharp, who will leave in 2016, is eligible for the award after the targets management need to meet under the Performance Share Plan (PSP) were reduced, [...]
RBS faces fresh FCA probe after it reveals IT glitch led to misinforming 4,500 customers about their inactive accounts December 13, 2015 Royal Bank of Scotland (RBS) is facing fresh controversy after it was revealed to have concealed inactive bank accounts from thousands of customers. RBS said over the weekend that it had errantly told 4,500 customers who had asked for their money in inactive accounts that their savings were not held at the bank. RBS said [...]
Magic circle law firm Slaughter and May announces Christmas bonus bonanza December 13, 2015 Bankers are not the only ones who can dream of a bumper bonus this year, as law firm Slaughter and May has boosted its bonus pay. The magic circle firm revealed on Friday that its bonus for associates this year would be between nine to 16 per cent for those achieving a good or exceptional [...]
Challenger bank bosses to meet with Treasury this week over proposed new capital requirements for buy-to-let mortgage lenders December 13, 2015 Bosses from Britain’s challenger banks are expected to meet with Treasury officials this week to make the case for lower capital requirements for smaller lenders. Ten bank bosses are set to meet Charles Roxburgh, the Treasury’s director of financial services, on Wednesday. One source told Morning Wire that while the banks will ask for a [...]
UK government officials scrutinise American activist investors buying up Rolls-Royce amid plummeting share price and repeated profit warnings December 13, 2015 Government officials are reportedly keeping a close eye on Rolls-Royce after American activist investors doubled their stake in the struggling aircraft engine maker. ValueAct, a California-based hedge fund, raised its stake in Rolls-Royce from 5.4 per cent to 10 per cent last month, fuelling expectations that it would seek a seat on the firm’s board [...]