City firms must prove their responsible business credentials to attract top talent November 4, 2019 Brexit has been top of the agenda for many City firms, but there is so much more that they should be thinking about. When I speak to young City workers at the start of their careers, they want to know that their employers are standing up and making a positive difference. They want to work [...]
Jobs paying below ‘real living wage’ fall to seven-year low November 4, 2019 The proportion of jobs that pay below the so-called real living wage has fallen to a seven-year low, analysis by professional services firm KPMG showed today. Read more: Sajid Javid promises to increase national living wage to £10.50 This year, 19 per cent of UK jobs paid below the voluntary rate of £9.00 per hour [...]
Big Four firm KPMG denies reports of partner cuts amid cost-cutting drive November 3, 2019 KPMG has denied reports that it is gearing up to cut 10 per cent of its UK partners, as the Big Four accountant presses on with a significant cost overhaul. The company is said to be preparing to let about 65 partners go by Christmas, after a review of individual performance, according to the Financial [...]
M&C Saatchi in informal talks with M+A adviser Clarity November 3, 2019 Tory advertising agency M&C Saatchi is reportedly in talks with external advisers about a potential strategic overhaul, prompting speculation the company may be looking for a buyer. The ad agency – notorious for its involvement with Conservative party election campaigns – has lost more than half of its stock market value since the discovery of [...]
Galliford Try joins the Winters of discontent October 31, 2019 Standard Chartered, Lloyds Banking Group, Aviva and BT Group: even the Investment Association (IA) must have been surprised by the rich seam of targets it uncovered when it launched a campaign to curb the lavish pension perks enjoyed by the chief executives of listed companies. A quarter of FTSE 100 bosses have seen their pension [...]
Goals Soccer Centres bought by Soccerworld and private equity firm Inflexion after accounting fiasco October 31, 2019 Five-a-side football operator Goals Soccer Centres has been acquired today by rival Soccerworld and private equity firm Inflexion. Goals has been hit by an accounting scandal after its auditor BDO discovered it had mis-declared VAT amounting to at least £13.2m. The company delisted its shares from Aim in August after it declared it was unable [...]
Government faces calls for reform as data shows dominance of Big Four audit firms October 29, 2019 Data published yesterday by the audit watchdog showed that the Big Four accounting firms increased their market share of the UK audit market in 2018. The lack of competition in the sector has come under the microscope following scandals such as the failures of outsourcer Carillion and department store BHS which both received clean bills [...]
M&C Saatchi set to appoint PwC as its auditor following accounting scandal October 28, 2019 Advertising agency M&C Saatchi is set to appoint Big Four accountancy firm PwC as its new auditor following an accounting scandal that wiped out more than half of its share price. In August the advertising agency network said it had set aside £6.4m after it had spotted an error in its accounts. Its previous auditor [...]
KPMG could close Mayfair private members’ club in cost-cutting drive October 27, 2019 Big Four audit firm KPMG is reportedly planning on shutting down its five-storey Mayfair private members’ club as part of a cost-cutting drive. KPMG opened the club in a Mayfair townhouse at 20 Grosvenor Street in 2015. Number Twenty offers guests a private restaurant, a rooftop terrace and client meeting rooms. Read more: KPMG launches [...]
KPMG in exclusive talks to sell pensions arm to private equity firm for more than £200m October 23, 2019 KPMG today confirmed it is in exclusive talks to sell its pensions advisory arm to private equity firm Exponent. The Big Four firm is in discussions to sell its pensions unit to the former Quorn-owner for more than £200m, Sky News reported. Read more: KPMG launches £100m cost-cutting programme The division has more than 20 [...]