Bank of England felt no Treasury pressure to give Greensill preferential treatment, says Bailey May 24, 2021 The Bank of England did not face pressure from the Treasury or David Cameron to give Greensill Capital preferential treatment in evaluating the firm for a large-scale loan, according to bank governor Andrew Bailey. Bailey told MPs today that lobbying efforts from Cameron did not mean the failed supply chain finance firm had better treatment [...]
60 Seconds with Sculpture in the City’s Stella Ioannou May 24, 2021 Stella Ioannou is Director at Lacuna – Creative Projects Consultancy, the artistic director of Sculpture in the City. This annual urban sculpture park set amidst the iconic architecture of the City’s insurance district has become one of the Square Mile’s cultural highlights. Every summer, the City of London Corporation, in partnership with local businesses, unveils [...]
Randall and Quilter’s program division posts a profit for the first time May 24, 2021 Randall and Quilter has reported record pre-tax profit after a year of “accelerated growth” with its program management business posting a profit for the first time. The insurance firm reported a record pre-tax operating profit of £16m, an increase of 102 per cent, in the year ended 31 December 2020. Fee income soared 89 per [...]
Culture shock May 20, 2021 Covid-19 has left the UK’s world-leading arts sector fighting for survival. As museums and theatres prepare to reopen, four expert CAs tell us how their work has been upended and what their recovery roadmaps look like. This article first appeared in ICAS’ CA magazine. All dramatists know the importance of a happy ending; the gratifying [...]
US law firm eyes City skyscraper 22 Bishopsgate for new headquarters May 19, 2021 A US law firm is said to be eying up office space in the new 22 Bishopsgate skyscraper, marking a major show of confidence in the City after the pandemic. Skadden, Arps, Slate, Meagher & Flom is closing in on a deal to lease several floors in the building, which is the largest building in [...]
ABI director general to take up partner role at KPMG May 19, 2021 Huw Evans, director general at the Association of British Insurers (ABI), will join KPMG as a partner next January in the Big Four firm’s insurance and long-term savings division. Evans had been director general at the ABI for more than six years, during which he represented the insurance industry through Brexit, Solvency II implementation, pension [...]
Criminal investigation into Trump Organisation launched by New York state May 19, 2021 The New York attorney general’s office has opened a criminal investigation into Donald Trump’s company, it confirmed today. Attorney general Letitia James has been investigating whether the Trump Organisation has obscured property values to bag loans and tax breaks. It signals an escalation of the legal threat the former Republican president faces, just four months [...]
City Moves: Who’s switching jobs in the Square Mile this week? May 19, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Ex Co-op CEO joins Boomin’s board Property site Boomin has bagged itself a retail veteran this week, who is set to join the board as a non-executive director at its next [...]
UK tech industry grows tenfold in last decade as London leads Europe May 19, 2021 The UK tech industry has expanded tenfold over the last 10 years as London continues to close the gap on Silicon Valley. Between 2010 and 2020 the number of British unicorns — private tech firms valued at more than $1bn — grew from eight to 81, while the number of companies nearing unicorn status also [...]
Phoenix confirms talks ‘ongoing’ to sell European business in £550m deal May 18, 2021 Life insurance consolidator Phoenix Group has confirmed it is in discussions to sell its European businesses, in a deal reportedly worth £550m. The group – which bought out the majority of Standard Life Aberdeen’s insurance business in 2018 – said that talks were ongoing and there was no certainty a deal will be struck. In [...]