City Moves 17 February: Who is switching jobs in the Square Mile this week? February 17, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. This week we see movements across the financial sector, with the City of London Group, BNP Paribas and Gateley Capitus all welcoming fresh additions. BNP Paribas AM gets new deputy CEO BNP Paribas Asset Management appointed a [...]
KPMG creates 200 jobs in Belfast February 17, 2021 Big Four firm KPMG is creating 200 jobs in a new “centre of excellence” in Belfast. The new investment will deliver services in cyber security, applied intelligence and digital transformation. The new centre is a joint initiative between KPMG in Ireland and in the UK, and has the support of InvestNI and the Department of [...]
The art of the apology: What KPMG’s Bill Michael got wrong February 15, 2021 Last week saw the defenestration of KPMG UK’s chairman, Bill Michael. Days after making some controversial remarks at a ‘town hall’ meeting of employees, the abrasive Australian, having initially stepped aside pending investigation, caught the scent of the prevailing wind and resigned. In some City circles, there has almost been a sense of relief, having [...]
Court papers detail Grant Thornton’s alleged errors in Patisserie Valerie audits February 14, 2021 FRP Advisory has reportedly filed legal documents detailing Grant Thornton’s alleged errors in its auditing of Patisserie Valerie after launching a £225m court claim against the professional services firm. FRP Advisory, liquidator to the cafe chain, said the auditor’s negligence meant Patisserie Valerie bosses were unaware the firm had run out of funds. It alleges [...]
KPMG’s UK boss Bill Michael resigns after ‘moaning’ controversy February 12, 2021 KPMG UK chair Bill Michael has resigned after a video surfaced online of the boss telling staff to “stop moaning” and “playing the victim”. Michael was suspended as the Big Four firm launched an investigation into the comments, which were made during an online meeting with consultants. KPMG today confirmed he has resigned and will [...]
Standard Life Aberdeen set for name change after deal with Phoenix Group February 11, 2021 Standard Life Aberdeen is set to sell its flagship brand to Phoenix Group, a significant revamp of one of the City’s biggest asset managers. The fund manager’s new chief executive Stephen Bird, who joined last year, is on the brink of agreeing a deal to sell the Standard Life name, according to Sky News. The [...]
FTSE 100 trades flat as banks lead the biggest fallers February 11, 2021 The FTSE 100 is trading flat this afternoon after the excitement of corporate earnings wore off. Investors had initially been boosted by rose by Astrazeneca’s upbeat quarterly results, which is now trading up 0.8 per cent. Banks are proving to be a drag on the FTSE this afternon which slipped to trade down 0.04 per [...]
KPMG’s embattled chairman: ‘Unconscious bias is complete crap’ February 11, 2021 KPMG UK chairman Bill Michael has been caught on camera describing unconscious bias as “complete crap”, in the same video call he told staff to stop moaning about pandemic working conditions. Earlier this week Michael was forced to step aside from his leadership position at the Big Four firm, after it was revealed he had [...]
Uber losses mount even as it expands delivery business February 10, 2021 A strong showing from Uber’s delivery service has not helped to offset huge losses amid dwindling demand for rideshares. The ride-hailing app has faced huge setbacks as lockdown restrictions all but decimated its core business. In the third quarter the company posted losses of more than £1bn and revenue also missed analysts’ estimates. Uber reported [...]
Federal Reserve chair calls for national drive to full employment February 10, 2021 Invoking post-World War II efforts to reach full employment and pledging continued loose monetary policy to help the process, Federal Reserve Chair Jerome Powell made a broad call Wednesday for a “society-wide commitment” to get Americans back to work, particularly minorities and those ousted from lower-paying jobs during the pandemic. “Given the number of people who have [...]