AI will ‘destroy and create jobs,’ says HSBC boss May 20, 2026 The boss of Europe’s largest bank has warned that the growth of AI will both “destroy” and “create” new jobs as the banking industry continues to be reshaped in the face of new technology. Georges Elhedery, chief executive of HSBC, warned that the bank’s staff must avoid “fighting us” as it unveiled its latest AI [...]
Mustafa Suleyman-founded Inflection AI to return to London May 20, 2026 Silicon Valley startup Inflection AI is marking a return to London as the company forges ahead with its expansion plans, City AM can reveal. The artificial intelligence business was launched in 2022 by Deepmind co-founder Mustafa Suleyman and attracted early backing from Linkedin founder Reid Hoffman. It released its own large language model, Pi, and [...]
Deloitte set to boost UK staff bonuses and promotions May 19, 2026 Big Four giant Deloitte’s UK staff are set to be given higher bonuses and larger salary increases over the course of the year as the firm is set to surpass its profit targets. The firm’s UK chief executive, Richard Houston, said today that bonus funds would be upped by 14 per cent, while salaries would [...]
Revolut deploys AI to scrutinise law firms in major shake-up May 19, 2026 Fintech giant Revolut is scrapping the ‘traditional’ method of assigning external law firms in favour of a new system where no law firm’s position is secure. Businesses that need external law firms on hand hold a panel session, where they vet law firms within their price range, and those that win secure a spot for [...]
Tax judge criticises ‘fabricated AI cases’ cited in appeal against HMRC May 18, 2026 A former West Sussex restaurateur has avoided contempt of court after using AI hallucinations as evidence in his £51,000 tax battle against HMRC. HMRC had sent letters to Omar Rafique, former director of Karma Lounge in Worthing, in 2024 demanding payment of over £51,200 and warning that he could face bankruptcy if the debt was [...]
AI is driving McKinsey’s business model and talent overhaul May 15, 2026 McKinsey & Company’s business model is changing to prioritise performance-based pay, a shift largely driven by the impact of AI, City AM understands. The Big Three consulting giant has told senior staff it plans to overhaul its remuneration structure for partners, with more of their pay potentially coming in the form of equity in the US-headquartered partnership. [...]
Why identity security is now a board-level imperative May 15, 2026 Can your board answer with confidence what your AI agents can actually access right now? Many can’t. That’s become a competitive liability, not just a compliance risk. During my time in boardrooms and speaking with customers across the city, I’ve learned that the risks that keep leaders up at night are often the ones nobody [...]
Burges Salmon and Wexler roll out firm-wide legal AI partnership May 11, 2026 Leading UK law firm Burges Salmon is rolling out a new company-wide partnership with legal tech startup Wexler to aid lawyers in litigation work, City AM can reveal. The Bristol-headquartered legal practice said Wexler is “a reliable option” and the firm-wide partnership follows “a successful integration” of adopting Wexler in the Dispute Resolution team in [...]
UK businesses struggle with triple threat of costs, cyber risks and stagnant growth May 6, 2026 The UK consulting sector is expected to grow by nearly 6 per cent this year, amid businesses facing ‘intensifying pressure’ from cost management, cyber security risks, and budget constraints. The Management Consultancies Association (MCA), which represents the consulting sector, has released a new report stating that heightened costs and strapped budgets are “the single biggest concern” for [...]
KPMG faces staff uproar as job cuts expose communication breakdown May 6, 2026 Big Four audit firm KPMG is facing something of an internal comms meltdown, City AM understands, amid complaints of a lack of communication during a ‘mismanaged’ redundancy round. In late March, it was reported that KPMG UK was set to axe more than 500 staff in the latest redundancy round at the Big Four giant. [...]