EY and PwC ban consultancy for audit clients as MPs blast Big Four bosses January 30, 2019 EY and PwC said they will follow KPMG by phasing out selling non-essential extra services to their FTSE 350 audit clients. The chief executives of the two accountancy giants, half of the sector’s Big Four, informed MPs of their decision at a parliamentary hearing today, following months of intense criticism of Britain’s biggest bean counters. [...]
Audit watchdog unveils new code on stewardship January 30, 2019 Britain’s governance and audit watchdog has opened consultation on its new code for investor stewardship. The Financial Reporting Council (FRC) said the proposed new code “sets substantially higher expectations for investor stewardship policy and practice”. The consultation will run until 27 March. The FRC is under raised pressure to deliver changes this year, after the [...]
City Moves for 30 January – who’s switching jobs at Wesleyan, Horizon and Winckworth Sherwood? January 30, 2019 Who’s on the move today? Wesleyan Wesleyan, the specialist financial services provider – provides specialist financial advice and solutions to doctors, dentists, lawyers and teachers – has appointed Mario Mazzocchi as its new chief operating officer (COO). Mario previously spent 15 years with Lloyds Banking Group, most recently as COO for the Insurance and Wealth [...]
Barclays ‘big dog’ pushed for £25m special payment after Qatari cash mission January 30, 2019 A Barclays boss who helped secure a Qatari cash injection that saved the bank from the prospect of government bailout during the financial crisis was recommended for a £25m bonus to reward his efforts, a court heard yesterday. Roger Jenkins, nicknamed “Big Dog” by colleagues, told Barclays executive Rich Ricci he wanted a “special payment” [...]
City Moves for 29 January – who’s switching jobs at Refinitiv, Blackberry and CFA Institute? January 29, 2019 Who’s on the move today? Refinitiv Refinitiv, formerly the financial and risk business of Thomson Reuters, has appointed Sherry Madera as global head of industry and government affairs to enhance the company’s engagement across government, policy initiatives, industry trends and regulatory developments. This engagement will support Refinitiv’s role as an essential part of global financial [...]
Bailout fears kept Barclays banker ‘up at 2am’ January 29, 2019 One of Barclays’ top executives was awake and panicking at 2am during the height of the financial crisis over fears that a government bailout would compromise his bonus, a court heard yesterday. Roger Jenkins, Barclays’ investment head for the Middle East and north Africa, told senior bank staff “I was panicking that we were about [...]
How financial services firms can weather Brexit January 28, 2019 There are some big Brexit hurdles for the City to leap, writes Barney Reynolds As parliament considers how to pluck a withdrawal agreement out of the ashes of the previous draft, it is important that the respective interests of the UK and the EU are brought to the fore, particularly for the UK’s highly-successful financial [...]
City Moves for 28 January – who’s switching jobs at Tetra Pak, LOC Group and Relendex? January 28, 2019 Who’s on the move today? Tetra Pak The Tetra Laval Group Board has appointed Adolfo Orive as president and chief executive officer of Tetra Pak, the food processing and packaging solutions company effective 1 April 2019. The appointment follows the decision by Mr Dennis Jönsson to step down from his position after 14 years as [...]
‘The food sucks and the sex is worse’: Barclays fraud trial execs joked about prison January 24, 2019 Ex-Barclays bosses on trial for fraud joked about going to jail while organising a crucial capital raising drive at the height of the financial crisis, with wealth manager Tom Kalaris saying “the food sucks and the sex is worse”. Another executive, Richard Boath, expressed fears the bank would be “basically dead” if it were unable to secure [...]
City Moves for 24 January – who’s switching jobs at Canon, Surveymonkey and CTD Advisors? January 24, 2019 Who’s on the move today? Canon Canon, a leader in imaging solutions, has announced the appointment of Yusuke Mizoguchi as managing director of Canon UK and Ireland. In his new role, Yusuke reports directly into Yuichi Ishizuka, president and chief executive of Canon Europe, Middle East and Africa. Yusuke will be responsible for driving sales [...]
