KPMG UK chair steps down after telling staff to ‘stop moaning’ February 10, 2021 KPMG UK chairman Bill Michael is stepping aside amid a probe into alleged comments made during an online meeting with consultants. On Monday, the Financial Times first reported Michael told consultants to “stop moaning” about working conditions during the pandemic. He reportedly told staff to stop “playing the victim card”. The chairman apologised saying: “I [...]
KPMG chairman ‘sorry’ for telling staff to ‘stop moaning’ about working conditions February 10, 2021 KPMG UK chairman Bill Michael has apologised after telling consultants to “stop moaning” about working conditions during the pandemic. In a virtual meeting on Monday, members of KPMG’s consulting team told Michael they were worried about potential cuts to pension contributions, pay and bonuses, the Financial Times first reported. They also raised concerns about the [...]
Notonthehighstreet.com bought by Boston private equity firm February 9, 2021 Online marketplace notonthehighstreet has been bought by Great Hill Partners, a Boston-based private equity business. Great Hill Partners will become a majority shareholder in the business, with existing investors Burda Principal Investment and Industry Ventures also remaining as shareholders. Notonthehighstreet did well throughout the coronavirus pandemic, boosting revenue by 50 per cent in the last [...]
HIG joins private equity pack circling KPMG’s restructuring arm February 8, 2021 HIG Europe has joined a pack of private equity bidders vying to buy the UK restructuring arm of KPMG. HIG is one of four parties shortlisted to acquire the business, which was put up for sale last year, Sky News first reported. It is understood Intermediate Capital Group is another private equity business interested in [...]
Deloitte China whistleblower circulates damning presentation on social media that alleges audit failures of RYB Education February 5, 2021 Big Four firm Deloitte is under pressure after one of its employees reportedly made a 55-page PowerPoint presentation that exposed the firm’s alleged accounting violations in China. The PowerPoint, which has been circulating on Weibo, a Chinese website similar to Twitter, has alleged that when Deloitte was auditing the financial data of its client RYB [...]
UK directors to face fines in major overhaul of audit rules February 5, 2021 UK directors will reportedly face fines for accounting failures at their companies as part of a major overhaul of the audit sector. Long-awaited reforms, set to be published as early as next week, will place a tough new burden on bosses in an effort to improve audit standards. Directors, rather than boards, will be held [...]
Permanent staff recruitment falls sharply in January February 5, 2021 The latest national lockdown led to permanent staff hires plummeting in January, according to a UK jobs report. Research conducted by KPMG and REC shows the reduction was driven by the return of tough coronavirus measures and greater economic uncertainty. The resurgence of Covid-19 also caused growth in short-term vacancies to weaken in most sectors. [...]
EY to buy Frank Hirth’s UK business, leaving some staff in limbo February 3, 2021 Big Four firm EY will acquire the UK business of tax advisory and compliance business Frank Hirth for an undisclosed fee. Around 200 employees and more than 5,000 clients of Frank Hirth will move across to EY. Four Frank Hirth employees currently working out of New Zealand have been left in limbo as a result [...]
City Moves for 3 February: Who is switching jobs in the Square Mile this week? February 3, 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. New head of UK business for BNP Paribas REIM French firm BNP Paribas Real Estate Investment Management (BNP Paribas REIM) has appointed a new UK business head to manage its multi-billion-pound real estate [...]
KPMG partners take 11 per cent pay cut as Covid-19 eats into profits February 3, 2021 Partners at KPMG have had their pay cut by an average of 11 per cent, from some £640,000 to £572,000, as Covid-19 hit profits and revenue at the firm. KPMG’s chairman was paid £1.7m for the year, a decrease of 14 per cent on 2019. Partners across Big Four firms saw pay cuts in [...]