PwC global chair says firm ‘cannot rest on laurels’ as global revenues pass $40bn October 2, 2018 The global chairman of PricewaterhouseCoopers (PwC) has said audit remains “at the heart of what we do”, after global revenues at the professional services giant rose above $40bn (£30.66bn) for the first time despite a series of accounting scandals. Total revenue across PwC’s international network of firms hit $41.3bn, a seven per cent rise in [...]
Too little too late – why the Debenhams rebrand is a frivolous deckchair rearrangement October 1, 2018 According to the press stories that announced a rebrand of Debenhams at the beginning of September, the objective of the exercise was to put “joy” back into the brand. Six days later, the company announced that it was calling in KPMG to help it restructure, which doesn’t sound too joyful. It’s quite farcical really. [...]
Pressure mounts on the CMA to break up accountancy’s Big Four October 1, 2018 The UK’s competition body has been told to “bare its teeth” and investigate breaking up the Big Four accountancy firms, as it prepares to announce a decision on whether it will investigate the sector. Three senior politicians from across the main parties have called on the Competition and Markets Authority (CMA) to find ways to [...]
Business secretary Greg Clark orders competition watchdog to carry out review of audit sector September 29, 2018 Business secretary Greg Clark has ordered the competition watchdog to carry out a sweeping review of the UK's audit sector. In a year when the Big Four audit firms have been hit by numerous scandals, Clark has told Andrew Tyrie, head of the Competition and Markets Authority (CMA) to carry out the review into competition in [...]
It’s time to throw young employees into the deep end September 28, 2018 It takes a village to raise a child – so goes a famous African proverb that describes the role of entire communities in nurturing a safe environment for a child to grow. To me, however, this is a maxim that should extend to a young person’s transition into adulthood, and how we continue to [...]
City Moves for 27 September 2018 – who’s switching jobs at CBRE, Invesco and Redridge? September 27, 2018 Today's City Moves cover property, fixed income and due diligence. Take a look at these movers and shakers: CBRE The world’s leading real estate adviser, CBRE, has appointed Chiara Zuccon as a senior director to spearhead debt origination within its market leading development and residential investment team. Chiara is joining from the Royal Bank of [...]
Taxpayers to foot £65m bill from Carillion redundancies September 25, 2018 Taxpayers are set to cough up £65m in redundancy payouts following the collapse of outsourcer giant Carillion. The liquidated construction services company, which bucked under the weight of a £1.5bn debt pile in January, has so far paid out £50m of the total £65m after thousands of workers were made redundant. The figures also [...]
German watchdog calls for Deutsche Bank to crack down on money laundering September 24, 2018 Germany’s financial regulator, BaFin, has called on sector giant Deutsche Bank (DB) to take action against money laundering and terrorist financing, appointing a special auditor to monitor its progress. In a statement, BaFin called on the bank to adopt “appropriate internal safeguards” and “comply with general due diligence obligations”. It said it had appointed a [...]
Debenhams looks to shore up investor panic with unveiling of its ‘store of the future’ September 24, 2018 Debenhams is gearing up for the unveiling of its “store of the future” later today, as the beleaguered retail giant looks to reassure both shoppers and investors after a challenging summer. The department store chain is also expected to reveal more details of its turnaround plans at the event in Watford today, having denied [...]
Labour mulls break-up of Big Four accountancy firms September 21, 2018 The Labour party is weighing up radical plans to break up the Big Four accountancy firms, amid mounting pressure on the UK’s scandal-hit auditors. Shadow chancellor John McDonnell vowed to end what he described as a “cartel” among the country’s largest bean counters in the run-up to his party conference this weekend. “They have demonstrated [...]