UK banks set to report record profits of £37bn beating pre-financial crisis highs February 13, 2023 The UK’s top banks are set to unveil record profits in the next two weeks after sharp interest rate hikes boosted the lenders’ coffers last year. The big five FTSE 100 banks – Barclays, HSBC, Lloyds, NatWest and Standard Chartered – could post cumulative pre-tax profits of £37.4bn as they reveal their earnings for 2022, [...]
Britishvolt: Rescue deal doesn’t mean UK will achieve EV goals, analysts say February 7, 2023 The UK’s future in electric vehicles is uncertain, warned experts, despite the impending rescue takeover of collapsed start-up Britishvolt.
Britishvolt: Australian firm Recharge reaches deal to buy collapsed British battery start-up February 6, 2023 Britishvolt is one step closer to a takeover, after its administrator named Recharge Industries as its preferred bidder.
Business lending to drop at fastest rate in decades as recession fears intensify February 6, 2023 Bank to business lending is forecast to contract sharply in 2023 while mortgage lending will grow at its slowest pace since 2011 as fears of recession intensify, economists have predicted. According to the latest forecast from EY Item Club, an economic forecasting group, bank to business lending is expected to contract 3.8 per cent this [...]
Big Four look to hire London’s laid-off bankers to bolster their M&A teams February 6, 2023 The Big Four accounting firms – Deloitte, EY, KPMG and PwC – are seeking to hire laid-off bankers to bolster the ranks of their M&A advisory arms in the City. Top execs told City A.M. the world’s biggest professional services firms are seeking to capitalise on the downturn in big M&A deals by poaching talent [...]
EY says it does not owe ‘duty of care’ to taxman in fight over property magnate’s tax affairs February 6, 2023 EY has said it is under no obligation to help HMRC collect more taxes in defending itself against a High Court lawsuit over a British property magnate’s tax affairs. The Big Four accounting firm said it owed no “duty of care” to HMRC to have given it information that could have helped it collect more [...]
London’s litigation financiers primed to profit on global downturn, Therium chief says February 3, 2023 London’s litigation funders are in a prime position to capitalise on the global economic downturn, the founder of one the UK’s top lawsuit financiers told City A.M. The economic slump threatens to stretch in-house legal budgets and drive an uptick in legal battles, Therium founder Neil Purslow said, which could force companies and litigants turn [...]
Chris Woolard on BNPL, regulatory run-ins and getting financial rulemaking right February 2, 2023 The regulatory veteran wants a rulebook for the 21st century, but getting it right might trump speed, Charlie Conchie writes. Urgent. That was the word used by the former-interim chief of the City watchdog Chris Woolard when he gave his verdict on regulation of buy-now pay-later services in a landmark review two years ago today. [...]
Britishvolt: Greybull ramps up bidding frenzy for collapsed battery start-up February 1, 2023 A new potential eleventh hour bidder has emerged for Britishvolt. as suitors circle the troubled battery start-up ahead of today's deadline.
KPMG UK revenues soar to £2.72bn as chief rules out split January 31, 2023 KPMG’s UK business today posted double digit revenue growth for the second year in a row on the back of fast-paced expansion in its consulting and M&A deals advisory divisions. In an interview with City A.M., KPMG UK’s chief executive said the “very strong financial performance” signalled the strength of KPMG’s “multidisciplinary” model, as he [...]