PwC and EY: Our restructuring arms are not for sale March 4, 2021 Big Four firms PwC and EY have insisted they have no plans to follow in the footsteps of rivals KPMG and Deloitte and sell the restructuring units of their businesses. Selling restructuring units is in vogue at Big Four firms. This morning KPMG announced it had signed an unconditional agreement with private equity firm HIG [...]
KPMG unit sale creates new restructuring behemoth Interpath Advisory March 4, 2021 KPMG has signed an unconditional agreement to sell its restructuring practice to Interpath Advisory, a newly-formed company backed by private equity firm HIG Europe. The sale will see 22 partners and around 528 staff currently employed in KPMG’s restructuring practice transfer to Interpath Advisory, making it the largest independent restructuring and turnaround business in the [...]
Financial services firms move £1.3 trillion to EU following Brexit vote March 2, 2021 Financial services firms move £1.3 trillion to EU following Brexit vote
KPMG splits chief exec and chair roles following ‘stop moaning’ controversy February 25, 2021 KPMG will split the role of chair and chief executive, following the furore surrounding comments made by Bill Michael, its former senior partner and chair. Michael resigned earlier this month after a video surfaced online of the boss telling staff to “stop moaning” and “playing the victim”. In the video, Michael also dismissed unconscious bias [...]
Goldman Sachs boss David Solomon: Working from home is not the new normal February 25, 2021 Goldman Sachs boss David Solomon: Working from home is not the new normal
Exclusive: Legal consultant model to become dominant among mid-market law firms February 25, 2021 The legal consultant business model will become the dominant model among high street and mid-market law firms, with around a third of UK lawyers predicted to be working under such a model in five years’ time. The Covid-19 pandemic has acted as a “catalyst” for industry disruption, exposing the “poor management and outdated operating models [...]
German accounting watchdog head to step down in wake of Wirecard scandal February 24, 2021 The head of Germany’s accounting watchdog in stepping down, after coming under fire for failing to spot wrongdoing ahead of the collapse of the payments company Wirecard. The agency, formally known as the Financial Reporting Enforcement Panel (FREP), said in a statement on Wednesday that President Edgar Ernst is leaving his post at his own [...]
New report: Greater understanding of financial and professional services essential to boost SME exports February 24, 2021 | City Talk A new report by EY and the City of London Corporation published today sets out how that financial and professional services (FPS) sector facilitates businesses of all sizes and across all sectors in the UK to trade internationally – and steps needed to deliver a more holistic approach to UK trade policy. The report – ‘The City of [...]
KPMG enters exclusive talks with private equity firm HIG on sale of restructuring arm February 24, 2021 Big Four firm KPMG has entered into exclusive talks with private equity firm HIG Europe about the sale of its UK restructuring business The deal, first reported by Sky News, could be worth some £400m. KPMG declined to comment on the rumours, and HIG could not be reached for comment. Sky also reported HIG has [...]
McKinsey boss Sneader ousted following poor crisis handling February 24, 2021 McKinsey global managing partner Kevin Sneader has been voted out of his position following a perceived poor handling of a succession of crises. All 650 of McKinsey’s senior partners routinely vote every three years on who should lead the firm, but, according to the Financial Times, this year’s election was seen as a referendum on [...]