LONDON (Reuters Breakingviews) – Accurate views on global finance in the Covid-19 era.
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RESEARCH. Deloitte gets out of the restructured game before being pushed. His timing, however, looks lousy. The sale of a UK woman-counter-broken arm to Teneo’s public relations clothing, according to Sky News, follows rules that effectively block the Big Four known as consulting work for survey clients. That limits potential buyers, putting restructuring banks at a disadvantage compared to independent peers. Sales now may at least get Deloitte the best price, around £ 400 million, according to the Telegraph.
Peeled by the practice, which hired 30 partners, Deloitte also draws less attention from regulators concerned about conflicts of interest, a hot topic due to obvious failures such as government contractor Carillion. KPMG is looking to do the same, Sky says. But with Covid-19 and Brexit sending rubbish to divisions of corporate Britain, the groups may miss out on a purple badge. And what remains will be more closely linked to a rise in Britain’s economic cycle. (By Ed Cropley)
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