Rush for top job at KPMG January 11, 2012 KPMG, the audit and consulting group, is gearing up for a widely contested battle to succeed John Griffith-Jones as chairman of the firm’s UK unit. Sources have said that the race to replace Griffith-Jones, who is due to step down in September, has attracted up to as many as ten candidates with no obvious front-runner [...]
It’s time for the FSA to get on top of the bankruptcy of MF Global – and right away January 11, 2012 FIVE years ago we decided to set up our firm’s brokerage accounts in the UK, as we believed we would be fully protected here. After all, there was no precedent of clients ever suffering any write-offs on their accounts as a result of a broker’s bankruptcy. Today we find ourselves regretting that decision. The Lehman [...]
Hays hurt by slowdown in global market January 10, 2012 TOUGH economic conditions have hit the confidence of employers and jobseekers alike in recent months, recruitment company Hays said yesterday, as it reported a drop in business in its home market and a slowdown in growth overseas. Hays said net fees – or gross profit – rose eight per cent in its second quarter to [...]
JEREMY IRONS SHORTED BY TRADER AT MARGIN CALL’S RISKY PREMIERE January 10, 2012 TO LEICESTER Square for the premiere of Margin Call, the film set in the last days of an over-leveraged investment bank that has “no relation” to any actual financial institution that went to the wall in 2008. Just as well – because Jeremy Irons, who plays the bank’s pragmatic CEO John Tuld, would have had [...]
Our schools must be open to business so we can have a bright economic future January 10, 2012 NOW that pupils are back at school, it’s time to help them get down to business. One key question they need to be asked is: “Hands up who wants to go into business?” Their answer will not only shape the life chances of millions of young people, but will also have a dramatic impact on [...]
La Senza and Blacks saved from brink January 9, 2012 IT WAS all change on the high street yesterday after two of the UK’s stricken retailers, lingerie chain La Senza and outdoor sportswear company Blacks Leisure, were rescued from administration. Retailer JD Sports confirmed yesterday that it had bought all of Blacks’ 290 stores and the bulk of its business from its administrator KPMG in [...]
Creditors back plan for MF Global UK January 9, 2012 CLIENTS and creditors of MF Global UK, part of the defunct US brokerage, may get some of their cash back next month after a crunch meeting with the administrator yesterday. They backed the proposals put forward by special administrator KPMG in a session which critics had billed as a vote of confidence. Richard Heis, joint [...]
Experian announces shock death of finance boss Brooks at his US home January 9, 2012 BRITISH credit information firm Experian yesterday announced the death of chief financial officer Paul Brooks (pictured right). “Paul died suddenly this weekend at his home in California. Our thoughts and deepest condolences are with Paul’s family at this time,” the company said in a statement. Brooks, 58, had been Experian’s finance chief since October 2001, [...]
CITY MOVES | WHO’S SWITCHING JOBS January 9, 2012 Just-Eat The world’s largest online takeaway business has appointed John Hughes as chairman to replace Klaus Nyengaard, who continues as group chief executive. Hughes previously held senior positions at Thales Group, Lucent Technologies and Hewlett Packard. He is also chairman of Telecity Group and a non-executive Director of CSG Systems International. In addition, he is [...]
KPMG profit for UK falls five per cent January 8, 2012 PROFESSIONAL services firm KPMG is poised to announce a five per cent dip in profit for the UK this morning, despite a revenue lift of seven per cent. In the twelve months to 30 September 2011, profit dropped from £416m to £396m, while revenues rose from £1.6m to £1.7m. The partners’ profitpool fell to £683,000 [...]