Retail banking is struggling to get off the canvas August 19, 2009 AS Britain’s retail banking sector fractures and polarises, it is beginning to resemble a boxing match: two heavyweight contenders are preparing to slug it out in the main event with the prize nothing less than commercial success. In the red corner are the grizzled veterans – the traditional banking groups HSBC, RBS, Lloyds and Barclays. [...]
CITY MOVES WHO’S SWITCHING JOBS August 13, 2009 Reed ElsevierThe publishing group has appointed Ben van der Veer, the former chairman of accountancy firm KPMG in the Netherlands, as a non-executive director, effective from 3 September. Van der Veer was chairman at KPMG Netherlands between 1999 and 2008 and also sat on the firm’s international board and management committee. He is a member [...]
Burden of pensions for ex-staff mounts August 12, 2009 BLUE CHIP companies are now being forced to spend more covering shortfalls on the pensions of former staff than they do on the future pensions of existing employees, according to research released yesterday. Within five years, payments made to top up the pensions of previous employees will outstrip those for current staff by a ratio [...]
HMRC gets access to offshore funds August 12, 2009 HM REVENUE and Customs (HMRC) will be able to access the offshore accounts of UK citizens with accounts at more than 300 banks, after it secured “production orders” forcing lenders to disclose the information. HMRC continued its campaign against tax evasion with the orders, which will also see the 308 affected banks required to pass [...]
FSA in probe of JPMorgan August 11, 2009 INVESTMENT bank JPMorgan Chase has instructed KPMG to conduct a review into its procedures for looking after client money, after a systems error sparked an inquiry into its methods by the City watchdog. JPMorgan confirmed yesterday it had recently discovered an operational error dating back to 2002, which involved failing to keep around £8.5bn of [...]
CITY MOVES WHO’S SWITCHING JOBS August 6, 2009 LUUPTory MP Michael Howard has joined independent global mobile financial provider LUUP as chairman. The former home secretary is retiring from Parliament to develop an international business career. The position adds to his current business profile as chairman of Northern Racing, deputy chairman of Entrée Gold and a non-executive director of Helphire group. Tenon RecoveryTenon [...]
JD Sports tackles Canterbury August 4, 2009 Rugby shirt maker Canterbury has been sold to sportswear retailer JD Sports Fashion in a £6.5m deal, brokered by KPMG. JD sports has bought the key trading assets and global rights to the brand, which sponsors the London Wasps rugby union team.
Revenue slide for Deloitte August 3, 2009 ACCOUNTANCY giant Deloitte yesterday said its revenues slid by 2 per cent in the year to the end of May, as the financial crisis weighed on its tax and corporate finance activities. Senior partner John Connolly reported profits distributable to partners of the firm of £601m, and revenues of £1,970m, in a blow to his [...]
Reds seal refinancing deal with RBS and Wachovia July 27, 2009 LIVERPOOL’S owners have ended months of uncertainty by refinancing £290m of debt they accrued in buying the club. The deal with Royal Bank of Scotland and Wachovia is believed to have extended Tom Hicks and George Gillett’s repayment period for a year. The Americans are also thought to have agreed to pay back £60m of [...]
COFFEE BEAN COUNTERS July 27, 2009 IT may come as something of a surprise but accountancy can be something of a bitchy world. So, ever since KPMG won the account as administrators to the coffee chain Coffee Republic earlier this month, there have been rumours that it did so by undercutting some of its rivals on fees. Not so, says KPMG. [...]