Daily Twitter round-up by @peter_IFAMAG
Deloitte audits under scrutiny after advertising company WPP told to open their books from 2017 – 2019. WPP mis-stating statutory losses by £301m in the first 6 months of 2020. Elsewhere, Massachusetts regulators launched a complaint against RobinHood over the ‘gamerfication’ of trading. Also across the pond JP Morgan and Morgan Stanley bidding war for Eaton Vance revealed, suggesting Wall Street Banks are keen to beef up their Asset Management.
First Adam Tooze shares amazing liquidity data. The world’s most valuable non-financial firms have increased their cash reserves by $2.1trn in 2020 alone.
"world’s 3,000 most valuable listed non-financial firms are holding $7.6trn in cash, up from $5.7trn last year. Even if you exclude the cash-rich technology giants, corporate balance-sheets are brimming with liquidity.” What will they do with it? https://t.co/WsyiVyz4jC pic.twitter.com/hTRl77hT9c
— Adam Tooze (@adam_tooze) December 16, 2020
Wall Street Banks look to beef up asset management suggests Arash Massoudi in this FT scoop. JPMorgan lost in a bidding $7bn bidding war for Eaton Vance.
Scoop: JPMorgan Chase lost out to Morgan Stanley in the $7bn bidding war to buy US investment manager Eaton Vance, a revelation that highlights the fierce competition among Wall Street banks to beef up in asset management.
w/ @sjhmorris @JFK_America @FThttps://t.co/RRHkQ9OGq5 pic.twitter.com/DOQh34Hneq
— Arash Massoudi (@ArashMassoudi) December 16, 2020
US regulators are coming for US retail investing platform RobinHood, will this be a trend followed in the UK?
The regulators are coming for Robinhood.https://t.co/p1ZfyhMDzT by @antoniabmassa & @sooo__phie
— Tracy Alloway (@tracyalloway) December 17, 2020
French Fintech is on the rise according to Isabel Woodford, key contributor to Sifted. Lydia just announced France’s largest investment round.
French fintech is a silent climber. One to watch is Lydia, which announced the country's largest fintech round today, bringing on Accel as an investor. Lydia has controlled costs AND grabbed the millennial market ✅ Still, it'll need to watch its back (1) https://t.co/u3eKqEFaNj
— Isabel Woodford (@i_woodford) December 17, 2020
Deloitte in hot water following WPP accounting errors. WPP will open their books, audited by Deloitte, for 2017-2019.
WPP hit by £300m accounting fiasco. Company forced to restate its accounts for years 2017 to 2019. Deloitte gave all years a clean bill of health, received mega fees.
Big accounting firms can't do robust audits, lack independence and competence.https://t.co/OEGqLzqJ2z— Prem Sikka (@premnsikka) December 16, 2020
And Finally, the latest UK furlough data paints an interesting picture. Charlie McCurdy shares the data.
New @HMRCgovuk furlough stats show at the end of October 2.4m workers were still furloughed (8 per cent of all workers – down from 29 per cent at its peak). This was before re-introduction of the full furlough scheme. pic.twitter.com/3kErNQIn3Z
— Charlie McCurdy (@charliejmccurdy) December 17, 2020
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