AllianzGI chief executive warns of AI ‘socialism’ as investors lean on chatbots June 18, 2026 The chief executive of one of Europe’s largest asset managers has urged investors to avoid being over-reliant on general online chatbots to manage their portfolios, as it increases the risk of losses. Speaking at AllianzGI’s media day in Frankfurt, Tobias Pross, chief executive of AllianzGI, warned that relying on public online models, such as Claude, [...]
City law firms ‘sleepwalking into a crisis’ over AI overreliance June 18, 2026 As legal tech valuations skyrocket, and AI dominates the airwaves, City law firms have been warned they are ‘sleepwalking into a crisis of judgment’ by treating AI as a definitive authority rather than a collaborative tool. A report by Positive Group, exclusively shared with City AM, stated that the legal sector faces a potential crisis [...]
HMRC secures £190m VAT appeal win against Bolt June 17, 2026 HMRC has won an appeal against ride hailing platform Bolt over how it calculates and pays its VAT, overturning previous decisions that had ruled in favour of Bolt. This follows an appeal hearing last month brought by the tax authority, which had questioned whether Bolt could use the tour operators’ margin scheme (TOMS). Under this [...]
HSBC targets $100m in savings with Google Cloud AI tie-up June 17, 2026 Europe’s biggest lender HSBC has sealed a a tech tie-up with Google where it aims to use AI to scout priority projects that could bank the firm $100m in “efficiency gains”. The FTSE 100 giant is planning to roll out Google Cloud across its operations in a deal that the bank says will allow 200 [...]
Ex-Lush chief’s lawyers hike costs to ensure their AI model isn’t trained by juniors June 16, 2026 Lawyers for the former chief executive of cosmetics giant Lush, Andrew Gerrie, have hiked their fees ahead of a trial this month, partly as they will not allow junior staff to train their AI model, City AM can reveal. A court heard this morning that Gerrie’s legal team from Brown Rudnick have pushed up a [...]
Allianz tech blitz dethrones AXA to claim Europe’s insurance AI crown June 16, 2026 Allianz has officially overtaken French insurer AXA to claim the top spot in global AI maturity, capitalising on a massive talent hoarding strategy. The German insurance giant, Allianz, has amassed an AI workforce 28 per cent larger than its closest rival, resulting in a staggering 900 active AI use cases worldwide and putting pressure on [...]
Specialist tech recruiter sees hiring slump across UK and Europe June 16, 2026 A specialist recruiter in science, technology and maths has posted a slump across its UK operations as the hiring market continues to cool. Workforce consultant SThree recorded a 19 per cent drop in net fees across the UK, which refer to costs paid by an employer to fill a vacancy. Total takings in the UK [...]
Former KPMG chief joins £10m funding round for AI-powered audit challenger June 16, 2026 A Berlin-based audit AI firm has raised over £10m in a fundraising round, including from Dawn Capital, to expand into the UK market as a solution to the skilled labour shortage in the audit industry. Cortea, founded in 2024 by Valentin Neumann and Philipp Hovelmann, pitches itself as an answer for firms under pressure to [...]
Social media ban may push children to ‘darker corners of the internet,’ lawyers warn June 15, 2026 Sir Kier Starmer’s announcement to ban social media for under-16s on Monday morning may create privacy issues for children and encourage them to use less regulated platforms, legal experts have warned. Speaking at Downing Street on Monday, the Prime Minister said social media platforms are harming children’s wellbeing and making it easier for their mental [...]
Tech Week proves London can build the future June 15, 2026 London Tech Week isn’t just about celebrating innovation, it’s a showcase for London’s competitive advantages, says Chris Hayward London Tech Week has become far more than a diary fixture for the technology industry. It is an opportunity to demonstrate one of London’s greatest competitive advantages: our ability to bring together innovation, finance and talent in [...]