Deutsche Bank executive steps aside amid Wirecard probe December 9, 2020 Deutsche Bank’s head of accounting is reportedly stepping aside after German prosecutors launched another probe into Wirecard. Former EY partner Andreas Loetscher who joined Deutsche two years ago is set to “temporarily” set aside. The bank’s chief financial officer James von Moltke said Loetscher’s temporary replacement was taken “at Andreas’ request and in mutual agreement,” [...]
Refusal to return to the office post-coronavirus ‘could be grounds for dismissal’ December 7, 2020 Employees who refuse to return to the office post-coronavirus despite being asked to do so could be in breach of contract and face dismissal. Employers had the right to apply to work flexibly before the pandemic, and will be able to do so post-pandemic, too. However, if an employer refuses that application, and the employee’s [...]
Rising private equity star on making it in the City as a woman in 2020 December 3, 2020 Diversity and equality are increasingly on the radar of City firms. Serious priorities or mere marketing spiel? City A.M.‘s Michiel Willems sat down with Sunaina Sinha Haldea, founder and CEO of Cebile Capital, a London-based placement agent and secondaries advisor in private equity and infrastructure. The Harvard graduate is also an angel investor and serves [...]
High profile retailer failures will ‘once again shine spotlight on auditors’ December 3, 2020 A possible avalanche of corporate failures could once again shine the spotlight on auditors, according to Menzies partner James Hadfield. The partner said he could foresee more failures coming, and believed it likely auditors would become a talking point in the process. The high street is having a particularly tough time at the moment, with [...]
Ince Group: ‘‘Rightsizing’ our office is an idea with legs’ December 1, 2020 The Ince Group is mulling “rightsizing” its office in wake of changes to working patterns brought about by the coronavirus pandemic, CEO Adrian Biles told City A.M. In today’s half year results the listed law firm recorded a revenue increase of six per cent to £48.2m, despite challenges posed by the Covid-19 pandemic. Biles said [...]
German regulator suspects EY knowingly issued ‘factually inaccurate’ Wirecard audit December 1, 2020 Germany’s audit watchdog Apas suspects EY partners knew they were issuing a “factually inaccurate” audit for Wirecard in 2017. Apas has reported EY to prosecutors after believing the big four firm may have acted criminally during its work for payments company Wirecard, which collapsed into insolvency earlier this year. According to the FT, EY audited [...]
Bah humbug! PwC staff to work an extra day this Christmas November 30, 2020 Staff at big four auditor PwC will have to work an extra day this Christmas in light of challenges brought about by the coronavirus pandemic. PwC staff are usually offered an extra day off at Christmas time, but this year the giant told staff it would not be able to offer such a perk. The [...]
To qualify or not to qualify? Auditors move to ditch risky clients November 30, 2020 Qualifying an audit could lead to unhappy clients and litigation risks, so it is safer to ditch clients instead, an expert has told City A.M., after several auditors dropped clients in October. Last month three separate auditors terminated contracts with clients in compromising circumstances. At the time the reputational risk of being associated with the [...]
Capita confirms talks to sell ESS to private equity firm Montagu November 27, 2020 UK outsourcing group Capita today said it is in exclusive talks with private equity firm Montagu about the potential sale of its Education Software Solutions (ESS) business. Capita said it “confirms” the negotiations after media speculation. Yet it said there “can be no certainty” that a deal will be reached. Bloomberg last month reported that [...]
KPMG launches energy transition practice to help clients achieve ‘net-zero’ November 27, 2020 KPMG has launched a new specialist Energy Lead Advisory practice to help support clients through energy transition. The new practice will support clients who would like to de-carbonise and embrace the new ‘net-zero’ economy. The new team contains 30 energy specialists in the UK, including newly promoted partner Gavin Quantock to lead alongside KPMG’s new [...]