Banks, Financial

Banking app targets millennials who want help budgeting

Graduate debt, rent and high living costs have made it hard for millennials to save for a house, a pension or even a holiday. For Ollie Purdue, a 23-year-old law graduate, this was reason enough to launch Loot, a banking app targeted at tech-dependent 20-somethings who want help to manage their money and avoid falling […]

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Eurozone inflation climbs to highest since April 2014

A welcome dose of good news before next week’s big European Central Bank meeting. Year on year inflation in the eurozone has climbed to its best rate since April 2014 this month, accelerating to 0.6 per cent from 0.5 per cent on the back of the rising cost of services and the fading effect of […]

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Wealth manager Brewin Dolphin hit by restructuring costs

Profits at wealth manager Brewin Dolphin were hit by restructuring costs as the company continued to shift its focus towards portfolio management. The FTSE 250 company reported pre-tax profits of £50.1m in the year to September 30, down 17.9 per cent from £61m the previous year. Finance director Andrew Westenberger said its 2015 figure was […]

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Travis Perkins and Polymetal to lose out in FTSE 100 reshuffle

Builders’ merchant Travis Perkins and mining company Polymetal face relegation from the FTSE 100 after their recent performances were hit by political events. The share price of Travis Perkins has dropped 29 per cent since the UK voted to leave the EU in June, as economic uncertainty has sparked concerns among some investors about the […]

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RBS share drop accelerates on stress test flop

Stressed. Shares in Royal Bank of Scotland have accelerated their losses this morning, falling over 4.5 per cent after the state-backed lender came in bottom of the heap in the Bank of England’s latest stress tests. RBS failed the toughest ever stress tests carried out by the BoE, with results this morning showing the lender’s […]

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Categorized | Financial

Deloitte UK eyes Benelux firms tie-ups

Posted on May 31, 2015

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Deloitte UK is considering acquiring or merging with member firms from the Benelux region as clients encourage the big four professional services groups to achieve better co-ordination between countries.

Discussions involve Deloitte UK and a couple of countries in the Benelux region.

    One person close to the discussions said: “It’s no secret that our clients are looking for us to behave more globally. Particularly on the advisory side, they want us to be able to behave more seamlessly in the way we serve them.”

    Any potential deal will be discussed at Deloitte’s global meeting in June, although a final decision would be from the member firms affected by it. Discussions are in early stages and no decisions have been finalised.

    Deloitte said: “On an ongoing basis, Deloitte UK does look for opportunities to collaborate more closely with other member firms in the Deloitte network, particularly in those markets where we believe we can better support our clients by doing so.”

    In 2005, Deloitte’s then global chief executive predicted that the group could become a single partnership within a decade.

    But the slow progress towards this goal is a reminder of how hard it is to persuade national member firms that are part of a global professional services network to sacrifice some of their autonomy in the interests of more efficient global co-operation.

    In 2006, the firm’s UK business acquired the shares of Deloitte Switzerland, transforming its Switzerland-based partners into members of a UK limited liability partnership.

    If Deloitte UK succeeds in amalgamating with more European members, it could pave the way for a similar model to be applied elsewhere in the world.

    The big four professional services firms — PwC, Deloitte, EY and KPMG — are structured as networks of legally separate national partnerships, which retain a significant degree of autonomy even though they share numerous co-operative agreements.

    Closer integration of large accountancy networks has historically been avoided because networks like to be able to distance themselves from a member firm if it runs into financial or reputational difficulties, in order to keep the global brand intact.

    Last year, Deloitte UK reported its slowest year of revenue growth for four years.

    Its UK revenue increased 1.4 per cent to £2.55bn in the 12 months to May 31 as UK economic uncertainty dragged on returns.

    The strongest performance came in the Swiss practice, which increased revenue 13 per cent to £236m.

    Separately, Deloitte UK will announce on Monday that it has promoted 75 new partners, the largest ever annual intake.

    Almost a third of the new partners are women, following measures by Deloitte to identify and retain high-performing women.

    As part of this, Deloitte is launching a new return-to-work initiative, aimed at attracting senior female leaders back to work after they have had children or taken a career break.

    The scheme offers a 12-week paid internship to women who have been out of the workforce for between three and six years.