Grant Thornton caught up in conflict of interest accusations over Greensill Capital appointment March 21, 2021 Grant Thornton is facing accusations of a conflict of interest connected to its role as administrator of Greensill Capital, after it emerged the auditor had previously advised the firm’s biggest debtor Sanjeev Gupta on a string of deals. Grant Thornton was appointed as Greensill’s administrator on Monday after the finance firm collapsed when Credit Suisse [...]
Financial services firms admit they do not have carbon neutral targets in place March 19, 2021 Financial services firms are struggling with net zero targets, with more than half (51%) of firms saying they do not yet have a target in place to achieve carbon neutral status. Just 18 per cent of financial services firms have a plan to achieve carbon neutral status by 2025, and 16 per cent claim they [...]
Screenshot: Who’s invited to the UK’s summer of fun? March 19, 2021 This week **Media Moment of the Week: No 10’s power vacuum **Who’s invited to the UK’s summer of fun? **BT gets a broadband boost Media Moment of the Week: No 10’s power vacuum There are two main things to remember when unveiling your grand £2.6m briefing room to the world: make sure it doesn’t look [...]
It could be Third Time Lucki for Eclair De Beaufeu March 18, 2021 CHELTENHAM handicaps are always complex puzzles to unravel, but in the McCoy Contractors County Hurdle (1.55pm) punters might as well just back Dan Skelton or Willie Mullins’ runners. Incredibly it’s 3-3 between the two yards in the last six years with no-one else having a look in since Paul Nicholls won it with Lac Fontana [...]
Credit Suisse replaces asset management head after Greensill collapse March 18, 2021 Credit Suisse has replaced the chief executive of its asset management business and announced plans to separate the division that has faced scrutiny over its Greensill-backed funds. The Swiss bank announced the appointment of Ulrich Korner as chief executive of the asset management business who will report directly to the bank’s chief executive Thomas Gottstein. [...]
HSBC poised to sell French retail network to US private equity subsidiary March 17, 2021 HSBC is poised to sell its French retail network to a subsidiary of US private equity firm Cerberus. Yesterday HSBC France chief executive Jean Beunardeau told employees the firm had decided to progress discussions with the subsidiary, though “discussions are still ongoing and are expected to be for some weeks,” the Financial Times reported. Beunardeau [...]
City Moves: Who is switching jobs in the Square Mile this week? March 17, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. IoD appoints new chair The Institute of Directors (IoD) has appointed a new chair after a thorough search process, who will step into the role next Monday. Patrick Macdonald is set to take [...]
Is fintech fueling financial M&A’s rebound? March 17, 2021 According to our latest market brief, Fintech will be the wind in the sails of Financial M&A this year. The world was dealt a historic one-two punch in 2020 with the COVID-19 pandemic which infected and killed millions of people. As a result of government-ordered shutdowns and travel bans, the shuttering of economies worldwide led [...]
Capita announces major restructure alongside plans to raise £700m March 17, 2021 Outsourcing giant Capita has announced a fresh restructuring plan alongside efforts to raise £700m from selling non-core assets, as it seeks to recover from a difficult year during the pandemic. The group, which provides IT-led business services to the public and private sector, will simplify its six operations into three divisions. Capita Public Service will [...]
Visa plans to increase online interchange fees for UK customers buying from EU firms March 16, 2021 Visa – the UK’s biggest debit card provider – is reportedly planning to increase fees on purchases made by British customers from most of Europe. The payments giant is preparing to inform its 4,000 clients that the interchange fees will be hiked to 1.5 per cent for online credit card payments, Sky News reported. Meanwhile, [...]