KPMG set to slash jobs and pension contributions in cost-cutting drive July 22, 2020 KPMG is set to cut more than 100 jobs and slash contributions to employees’ pensions in a bid to slash costs during the pandemic. The Big Four firm is expected to cut just under 200 jobs across the UK ahead of the long-awaited reform of the audit reform. Sky News first reported that partners and [...]
‘Historic’ day as RBS formally changes name to Natwest July 22, 2020 RBS has formally changed its name to Natwest, removing Scotland from the bank’s parent company for the first time since it was founded. The group will remain headquartered in Edinburgh, and the name change will not affect RBS bank branches. The intention to change the name was first announced in February when it reported its [...]
Close Brothers’ banking division takes a hit amid pandemic July 22, 2020 Close Brothers Group’s banking division has taken a hit due to the pandemic, as its loan book reflected lower new business volumes. However, securities division Winterflood helped to offset some of the impact of coronavirus due to significantly higher trading, the group said in a scheduled pre-close trading update. The figures In the group’s banking [...]
B&Q owner Kingfisher forecasts higher profits as demand continues July 22, 2020 DIY retailer Kingfisher has forecast higher interim pre-tax profits as strong demand continued as lockdown restrictions started to ease. The figures Kingfisher, which owns B&Q, said like-for-like sales in the second quarter jumped 21.6 per cent, while year to date sales were down 3.7 per cent. The group, which also owns Screwfix, said based on [...]
UK abandons hope of trade deal with US by the end of year July 22, 2020 The government has reportedly abandoned hopes of reaching a trade deal with the US by the end of the year, with officials blaming the pandemic for the lack of progress. The Prime Minister and international trade secretary Liz Truss wanted to agree a deal before November’s American presidential election. But the Financial Times reports that [...]
Investors capitalise on market volatility with millennials leading the charge July 21, 2020 Investors have remained bullish on markets despite the pandemic and millennials are leading the charge. More than half of global investors are positive about the market and are looking to invest in the near future, even in the face of the coronavirus-induced volatility. A survey by global funds network Calastone found 54 per cent of [...]
Robinhood cancels launch of its investing app in the UK July 21, 2020 Commission-free stock trading app Robinhood has postponed its UK launch indefinitely. The tech giant told people signed up to its UK waiting list that it had paused its expansion ambitions to focus primarily on its home market in the US. It follows a City A.M. scoop last month which revealed Robinhood had pushed back the [...]
Soundcloud founders launch e-bike subscription service July 21, 2020 The former founders of Soundcloud have launched an e-bike subscription service, backed by European investors. The service, Dance, is co-founded by Soundcloud founders Eric Quidenus-Wahlforss and Alexander Ljung, together with the co-founder of website builder Jimdo, Christian Springub. Quidenus-Wahlforss and Ljung are known for co-founding Soundcloud as chief technical officer and chief executive respectively. Quidenus-Wahlforss [...]
RBS tells 50,000 employees to work from home until next year July 21, 2020 Royal Bank of Scotland has reportedly told more than 50,000 staff to work from home until 2021. It comes after Prime Minister Boris Johnson announced the government’s advice to work from home would be dropped next month in a bid to stimulate the economy. He said employers would have “more discretion” about where staff should [...]
HMRC expands probe into Ladbrokes owner GVC July 21, 2020 HMRC has expanded its investigation into Ladbrokes owner GVC’s former online business in Turkey. The probe by the tax authority began in late 2019 and was initially directed at former third-party suppliers over processing of payments at the business GVC disposed of in December 2017. GVC’s chief executive Kenny Alexander stepped down last week after [...]
