KPMG trainees furious after audit arm axes £1,000 bonus February 23, 2012 TRAINEES at KPMG were “furious” when they learned the Big Four accountancy giant would not be paying them the £1,000 bonus it usually gives to its highest performers. Adrian Stone, chief operating officer of the audit practice, broke the bad news to trainees via email at 4.15pm on Wednesday afternoon. The subject header read “First [...]
CITY MOVES | WHO’S SWITCHING JOBS February 23, 2012 Deloitte Mike Sobers has been appointed as a partner to Deloitte’s enterprise risk service practice, a 1,000-strong team of professionals in the UK dedicated to helping businesses solve complex risk and control issues. Sobers joins Deloitte from Aviva, where he was the audit director with global responsibility for technology and project audit. During this time, [...]
Peacocks sold to Edinburgh Woollen Mill February 22, 2012 EDINBURGH Woollen Mill has rescued the distressed fashion chain Peacocks out of administration, saving 6,000 jobs, though thousands of staff are still to be made redundant. Administrator KPMG said the deal, which was settled at the weekend, will save 388 shops but more than 244 stores have ceased trading with immediate effect, leading to 3,100 [...]
Benefits for all with a bring your own device policy February 22, 2012 AS THE proliferation of smartphones and consumer mobile devices increases at an exponential rate, they are rapidly changing the way that companies do business. Apple are reportedly on target to sell 8m iPads this quarter and have already sold 183m iPhones – when the iPhone 4S was launched, 1m were sold. INCREASING DEMANDS As certain [...]
CITY MOVES | WHO’S SWITCHING JOBS February 20, 2012 Royal Bank of Scotland RBS has appointed Stuart Dean as head of healthcare in the corporate and institutional banking (CIB) team. Dean has worked at RBS for more than 11 years in the bank’s structured finance division in the south of England and London. Before joining RBS, he spent two years at the John Lewis [...]
Ex-Olympus boss in plea for answers February 16, 2012 THE BRITISH former president of Olympus has demanded answers from auditors and Japanese regulators after the arrest of seven bankers and executives linked to the disgraced camera giant. Michael Woodford, who was fired after exposing the $1.7bn (£1.08bn) accounting scandal, hailed the arrests as a moment of “vindication” and told City A.M. that more questions [...]
UK car factories rev back into life February 14, 2012 JAGUAR Land Rover underlined the rebound in the British car industry yesterday when it posted a record quarterly profit. Just three years after it turned to the European Investment Bank for a £340m crisis loan, JLR reported a 57 per cent rise in net profit to £440m for the final three months of 2011. Demand [...]
CITY MOVES | WHO’S SWITCHING JOBS February 14, 2012 The Salamanca Group Jeremy Wrathall has been appointed as managing director of Salamanca Resources, the recently formed division of Salamanca that will focus on the metals and mining sector. He joins from Renaissance Capital, where he was head of investment banking for the London operation and had responsibility for metals and mining, focusing on Africa. [...]
New payout for clients of failed broker MF Global February 13, 2012 THE administrators of the British arm of MF Global said payments to clients of the defunct brokerage will reach $31m (£19.6m) in the coming days. KPMG said $19m will be released this week after it agreed on Friday to hand back $12m. The interim payouts will affect about 1,900 clients in total. Staff from KPMG [...]
Peacocks braced for job cuts February 12, 2012 PEACOCKS administrator KPMG was locked in rescue talks with the remaining bidders this weekend to decide the fate of the collapsed discount fashion retailer. The firm is expected to make a final decision on the sale of the 600-store chain as early as this Wednesday. But even if a sale is agreed, hundreds of underperforming [...]