KPMG chief snubs global split as consulting arm drives growth in revenues December 13, 2022 The global head of KPMG today slapped down suggestions it might follow EY in pursuing a global split, in claiming the accounting firm’s strong financial performance “validates” its current approach. KPMG chief executive Bill Thomas rejected plans for a split in claiming the Big Four firm’s results “validates an unwavering commitment to deliver services… through [...]
Bankruptcy specialists prepare for boom as economic headwinds hit UK firms December 13, 2022 Corporate restructuring specialists Begbies Traynor and FRP Advisory are expecting a boom in demand for their services in the oncoming economic slump. The advisory businesses are expecting to profit from a surge in insolvencies as worsening economic headwinds start sinking more UK firms. Begbies Traynor’s executive chairman Ric Traynor told City A.M. the consultancy stands [...]
Insolvency specialist Begbies Traynor notches jump in profits as bankruptcies soar December 13, 2022 Insolvency specialist Begbies Traynor said it expects to see demand for its corporate recovery services swell next year as recession begins to bite, after it posted a £2.3m rise in pre-tax profits in its first half of trading today.
Credit Suisse took suspicious invoices as backing for £114m Greensill loan December 12, 2022 Credit Suisse accepted suspicious invoices from Sanjeev Gupta’s metals empire as collateral for a $140m (£114m) loan to Greensill Capital, just months before it collapsed in October 2020, according to reports. The Swiss bank accepted invoices, issued by Gupta’s Liberty Commodities and sold to Greensill, as collateral on the loan, even though several of the [...]
EU to push for greater sanctions compliance with new special envoy December 12, 2022 The EU is set to put one of its top civil servants to the task of pushing for greater compliance with sanctions against Russia, in third-countries including Turkey, Serbia, and the United Arab Emirates (UAE). David O’Sullivan, the bloc’s former ambassador to the US, is set to take up a new role in January, in [...]
New York law firm ups pay for newly trained London lawyers to £165,000 a year December 12, 2022 New York law firm Weil, Gotshal & Manges has become one of the City’s highest paying firms after hiking salaries for its newly-qualified lawyers to heights of £165,000 a year. Weil Gotshal’s £5,000 pay hikes for NQs in its London office puts the New York headquartered firm in fourth place in the ongoing pay battle [...]
FTSE 100 firms hit with four times more fines than last year December 12, 2022 The value of fines against FTSE 100 companies has increased fourfold over the previous year, Thomson Reuters Regulatory Intelligence research shows. Companies on the FTSE 100 index received £1.6bn in fines in the year ending on 30 June 2022, compared to just £354m worth of fines in the previous year. The £1.6bn figure marks an [...]
Severe flooding could cost insurers more than £1bn this winter December 12, 2022 Severe flooding this winter could cost UK insurers more than £1bn, according to analysis from PwC. Storm Eunice in February led to insurers losing £200-300m, mainly as a result of disruption to travel and damage to properties and vehicles due to falling trees. However, floods on the same scale as those seen in 2015 [...]
Law firms up billable hours targets as sector’s profits slide December 11, 2022 Top law firms have begun upping pressure on lawyers by hiking targets for the number of billable hours they are expected to work each year, according to new research. UK law firms are increasingly calling on their lawyers to bill more hours as they seek to reverse the sector’s declining profitability and weather the oncoming [...]
EU lawmaker arrested in Qatar corruption probe December 11, 2022 A top-ranking member of the European Parliament has been suspended from her job after being arrested by Belgian police in a Qatar World Cup corruption probe. Greek MEP Eva Kaili was suspended from her job as one of the EU parliament’s fourteen vice-presidents after being detained in the investigation into potential bribes paid by [...]