Renault interim boss vows to safeguard Nissan alliance after Carlos Ghosn arrest November 23, 2018 Renault's interim boss has assured shareholders he will safeguard the company's interests and its alliance with Nissan following the arrest of chairman Carlos Ghosn. The Nissan board voted to oust Ghosn on Thursday after he was arrested in Japan over financial misconduct allegations earlier in the week. But Renault has decided not to dismiss Ghosn for [...]
PwC UK chairman resists calls for Big Four breakup as firm posts record revenues September 17, 2018 The chairman of PricewaterhouseCoopers UK said the Big Four accountant has learnt from its mistakes and improved processes, after it raised revenues despite settling two regulatory investigations in the past year. Kevin Ellis, PwC’s UK chairman and senior partner, told City A.M. he stands by the company’s opposition to breaking up the Big Four accountancy firms, [...]
PwC UK chairman resists calls for Big Four breakup as firm posts record revenues September 17, 2018 The chairman of PricewaterhouseCoopers UK said the Big Four accountant has learnt from its mistakes and improved processes, after it raised revenues despite settling two regulatory investigations in the past year. Kevin Ellis, PwC’s UK chairman and senior partner, told City A.M. he stands by the company’s opposition to breaking up the Big Four accountancy firms, [...]
Sir Martin Sorrell gets £100m funding from City investors for new venture S4 Capital July 1, 2018 Adman Sir Martin Sorrell has raised around £100m for his new marketing venture S4 Capital, City A.M. understands. Sorrell has been scoping out City investors to back the advertising enterprise, which is looking to capitalise on opportunities in tech, data and content marketing. A spokesperson for Sorrell declined to comment. The former WPP boss returned [...]
PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing retailer BHS prior to its sale for £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating to his work [...]
PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing high street retailer BHS, prior to the chain's sale for just £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating [...]
Weinstein company bought by private equity firm Lantern Capital May 2, 2018 A private equity firm called Lantern Capital has been chosen as the winning bidder in the sale of the bankrupt Weinstein Company. The bidding war for the company has been shrouded in controversy since news of sexual misconduct allegations around Hollywood producer Harvey Weinstein broke earlier this year. It follows Dallas firm Lantern making a [...]
Credit Suisse fined $135m for New York forex investigation November 14, 2017 New York regulators have slapped Swiss bank Credit Suisse with a $135m (£103m) fine after finding it engaged in misconduct in its foreign exchange trading business. Credit Suisse shared information with other banks which may have allowed coordinated trading and “manipulation of exchange rates”, the Department of Financial Services (DFS) in New York said in [...]
Bank of England launches new (voluntary, not legally binding) code of conduct for money market traders April 26, 2017 The Bank of England has launched a new code of integrity for all British participants in the money markets. The code’s guidelines will only be voluntary for traders in markets for deposits, repos and securities lending, so will not be legally binding. The UK Money Markets Code aims to “promote integrity and effective functioning” by [...]
City Moves for 19 December 2016 | Who’s switching jobs December 19, 2016 Fitch Fitch has appointed Sean Costello as head of its EMEA corporates banker team. Sean joins from Commerzbank where he was head of loan capital markets within their leveraged finance group. Sean joined Commerzbank in August 2005 from the leveraged loan distribution team at Bank of Scotland and prior to that, NIBC Bank and NatWest Capital Markets. With [...]