City Moves for 3 February: Who is switching jobs in the Square Mile this week? February 3, 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. New head of UK business for BNP Paribas REIM French firm BNP Paribas Real Estate Investment Management (BNP Paribas REIM) has appointed a new UK business head to manage its multi-billion-pound real estate [...]
KPMG partners take 11 per cent pay cut as Covid-19 eats into profits February 3, 2021 Partners at KPMG have had their pay cut by an average of 11 per cent, from some £640,000 to £572,000, as Covid-19 hit profits and revenue at the firm. KPMG’s chairman was paid £1.7m for the year, a decrease of 14 per cent on 2019. Partners across Big Four firms saw pay cuts in [...]
Climate co-operation could be welcome boost to the special relationship February 3, 2021 A new US President always brings a renewed sense of hope and optimism, not only to the 50 states themselves but across the globe. Another norm in the early days of any new administration is a jostling for position from foreign allies and diplomats, not only to secure the trophies of early phone calls and [...]
British Gas boss received poo in the post amid fire and rehire row February 2, 2021 The chief executive of British Gas owner Centrica was “sent excrement” in the post yesterday amid an ongoing row over pay at the firm. Chris O’Shea told MPs at a business committee meeting today that the package was received by his wife and teenage son “with a note about fire and rehire”. British Gas engineers [...]
Ferrari dodges questions over CEO succession as profit slows February 2, 2021 Ferrari gave no indication on Tuesday of who it was lining up to replace Louis Camilleri as chief executive as analysts said the luxury carmaker appeared to be touching the brakes on its profit outlook. Italy’s ‘Cavallino Rampante’, or ‘Prancing Horse’, forecast that its adjusted core earnings would be between 1.45 billion euros ($1.7 billion) and [...]
Revealed: The London bus drivers ‘abandoned’ to the pandemic February 2, 2021 London bus drivers have told City A.M. they were “abandoned” by their employers and unions alike and forced to fend for themselves as the coronavirus pandemic swept across the UK. Speaking on condition of anonymity, a number of drivers revealed to City A.M. the personal risks to which they have been exposed while keeping essential [...]
Virgin Money adds £18m fresh provisions for troubled loans February 2, 2021 Lender Virgin Money has set aside a further £18m this quarter to protect its balance sheet from potential loan losses, as it reported a “modest” increase in the number of customers needing additional support after exiting pandemic payment holidays. The new £18m this quarter is in addition to £726m the company is holding on its balance sheet [...]
Amazon earnings: What to expect amid a record-breaking tech boom February 1, 2021 Amazon enjoyed a stellar 2020, so all eyes will be on the ecommerce giant tomorrow night as it reports earnings for the final quarter of the year. Apple last week kicked off tech earnings season with bumper revenue of $111.4 (£81.5bn) — its best ever quarter, while Facebook also beat expectations. Amazon is also expected [...]
Sadiq Khan: London needs post-war plan for Covid recovery February 1, 2021 A post-war-style programme is needed to breathe life back into London following the Covid-19 pandemic, mayor Sadiq Khan said today. The mayor said the government had to accept that London was the “country’s biggest asset”, adding that “ministers can’t take for granted that once restrictions are lifted things will simply return to normal”. He called [...]
The UK has applied to join the CPTPP trading bloc – but what is it? February 1, 2021 The UK government last week formally applied to join the 11-country Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trading bloc, ushering in a new post-Brexit era. International trade secretary Liz Truss told the BBC yesterday that a potential entry into the bloc would secure “future growth” as the UK would move closer to developing, [...]