KPMG to slash partner bonuses by up to 40 per cent November 24, 2019 Partners at KPMG are facing steep cuts to their bonuses as the accounting giant cuts costs in a bid to prepare for tighter regulation of its audit work. Partners’ bonuses – which can reach hundreds of thousands of pounds – are set to fall by as much as 40 per cent this year, according to [...]
UK private sector output suffers worst fall in over three years November 22, 2019 The UK’s private sector suffered its sharpest fall in output in over three years this month, according to new survey data, as the huge services sector shrank. A lack of clarity over Brexit and fresh uncertainty due to the General Election weighed on growth, said respondents to the survey by data firm IHS Markit and [...]
Investec profit falls amid preparations for asset management demerger November 21, 2019 Investec has reported a drop in profit before tax for the first half “against challenging market conditions”, as the Anglo-South African business group prepares to spin off its asset management business next year. The figures Pre-tax profit fell just over ten per cent to £349m for the six months to 30 September. Investec’s return on [...]
John McDonnell says Labour will break up Big Four ‘cartel’ November 19, 2019 Shadow chancellor John McDonnell today promised to break up the “cartel” of the Big Four accounting firms if Labour wins the upcoming election. “Under Labour the Big Four companies will not be allowed to continue to act like a cartel,” McDonnell told a Westminster audience during a speech on Labour’s plans for the economy. The [...]
EY partners set to take pay cut after growth slows November 19, 2019 EY UK partners are set to take a pay cut this year after the audit firm today announced anaemic revenue growth of 1.5 per cent. Average partner pay for the year ended 30 June slipped to £679,000 from £693,000 the previous year. The firm said investments in tech and audit quality and an increase in [...]
Audit watchdog could push for clawback of audit partners’ bonuses after poor quality work November 17, 2019 The audit watchdog could push for powers to clawback bonuses from audit partners if an audit fell below a certain level of quality. The Financial Reporting Council (FRC) is thinking of asking the government for powers to set remuneration standards for auditors, The Sunday Times reported. The idea follows scandals at department store BHS, outsourcer [...]
Business leaders join forces to push competitiveness agenda for UK November 15, 2019 Business leaders from companies such as John Lewis, Lloyds Banking Group, Deloitte and BAE Systems will meet today to promote the importance of business competitiveness. A business group pushing the competitiveness agenda called Be the Business will today launch Business Leadership for a Better Decade campaign to try and demonstrate the importance of competitiveness to [...]
Why pursuing my side hustle as a rally car driver helped me get promoted November 13, 2019 I expected my professional career to stall when I became a part-time rally car driver — but in fact, the opposite occurred. I have now worked at EY for a decade, and have been a rally car co-driver for nearly 17 years, managing a dual career with competing priorities. Shortly into my role as a [...]
Four charts that explain the UK economy’s latest slowdown November 11, 2019 Annual growth in the UK economy fell to its slowest pace in nine years in the third quarter, data showed today, although the country avoided slipping into a recession. Read more: UK avoids recession but annual growth hits slowest pace in a decade “This slowdown follows not only Brexit uncertainty at home, but a weaker [...]
Salaries for UK financial services workers jump amid competition for talent November 11, 2019 The average salary for UK financial services workers jumped to £53,000 in the second quarter amid competition for talent. Data released today by recruitment software provider Broadbean showed the average salary for financial workers in the first quarter rose to £48,500 before climbing to £53,000 in the second quarter. The increase in salaries comes despite [...]