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UK Edition
14th February 2025
 
THE HOT STORY
JP Morgan struggles to house its 14,000 London staff
The Daily Telegraph reports that JP Morgan is running out of desk space at its Canary Wharf headquarters in East London as the investment bank pushes its 22,000 UK employees to return to the office five days a week. The lender currently lacks the space there to accommodate all staff, despite a company-wide order to end home working, the Telegraph understands. London staff have been advised that they do not have to return to the office until additional desk space is ready. Meanwhile, in the US, JP Morgan CEO Jamie Dimon has this week rejected employee calls to soften the bank's five-day return-to-office policy. Some workers have voiced their concerns on internal platforms, and around 950 have signed a petition against the policy. In a town hall meeting on Wednesday, Dimon said: "Don't waste time on it. I don't care how many people sign that . . . petition," as he underscored his commitment to in-person work despite employee dissatisfaction. In-office mandates will not be left up to managers, Dimon said. "There is no chance that I will leave it up to managers . . . Zero chance. The abuse that took place is extraordinary." He emphasised the need for increased efficiency, demanding a 10% improvement across departments, and criticised the excessive bureaucracy within the bank. Dimon said some employees did not pay attention during Zoom meetings, which reduced their efficiency and creativity.
REGULATION
Complaints about bosses ‘suspiciously' low
Data from a Freedom of Information (FOI) request reveals a strikingly low number of complaints against senior leaders, with only 96 out of over 15,000 misconduct reports to the Financial Conduct Authority relating to them. The number has raised concerns among City veterans, who describe it as “suspiciously few” and “concerning.” The UK's senior managers' and certification regime (SMCR) was intended to enhance accountability among senior City workers, yet enforcement actions remain minimal. Nikhil Rathi, FCA chief, said: “We would only get involved if there is . . . very serious or persistent behaviour.” Britt Johnston from Natixis said that if senior leaders do not perceive a genuine risk of enforcement, the regime may become ineffective.
TECHNOLOGY
Former Google boss fears AI could be used by terrorists
Former Google chief executive Eric Schmidt has said artificial intelligence could be used by terrorists or "rogue states" to "harm innocent people." Schmidt told the BBC: "The real fears that I have are not the ones that most people talk about AI - I talk about extreme risk." The tech billionaire, who held senior posts at Google from 2001 to 2017, told the BBC that "North Korea, or Iran, or even Russia" could adopt and misuse the technology to create biological weapons. He called for government oversight on private tech companies which are developing AI models, but warned over-regulation could stifle innovation.
LEGAL
Rachel Reeves ‘investigated over expenses' in HBOS banking job
Sir Keir Starmer has expressed full confidence in his Chancellor after it was claimed that Rachel Reeves had been involved in an "expenses scandal" while working at Halifax Bank of Scotland (HBOS) from 2006 to 2009. A whistleblower had complained that Reeves and two colleagues were profligate with their expenses, according to the BBC. But a spokesperson for the Chancellor has denied any knowledge of an investigation, saying that all expenses were properly submitted and signed off. Meanwhile, Reeves’ claims to have been employed at the Bank of England for ten years have been thrown into doubt after her LinkedIn profile revealed she only spent five and a half years working at the Bank - including nearly a year studying.
Organist wins wrongful dismissal case
An American organist has won a wrongful dismissal case against a parish church in Surrey after senior figures were unsure if they “could afford” or “wanted” a professional musician of her “calibre.” Following her sacking from her director of music role at St Mary and St Peter Church in Staines, Dr Jenifer Fraser took the church to an employment tribunal, complaining of unfair dismissal, sex discrimination and race discrimination. The Yale-educated organist claimed that she had been “restricted” to playing “American music” and alleged “comments were made in poor taste about whether she would be willing to play British patriotic music because she is American.” The tribunal heard that congregation numbers plunged following her dismissal.
TAX
Tax crackdown on cash-in-hand jobs
Dog breeders, pet sellers, and waste management workers in Britain are facing a tax crackdown amid concerns over how cash-in-hand work may be contributing to the black economy. An estimated 520,000 individuals in these sectors must now register for tax to obtain or renew their operating licences. HMRC has identified these industries as "vulnerable to hidden economic activity." The black economy has reportedly grown by 80% over the past seven years, with one in 11 adults now involved. It comes after taxi drivers and scrap metal dealers were told in rules introduced in 2022 that they had to be registered for tax to obtain or renew their licences. HMRC anticipates that overall, around 800,000 businesses will be affected by the new measures, which require proof of tax registration for licence renewals.
TRAINING & DEVELOPMENT
Colleges shift to hybrid work placements
Colleges in England are adapting to modern work practices by allowing pupils on T-level courses to complete part of their work placements remotely. The Department for Education has relaxed requirements, enabling most T-level pupils to undertake 20% of their 315-hour placement from home, with digital T-level students allowed to do 50%. Steven Horsfield, assistant principal at Lincoln College, said the change aims to "replicate what's going on in the industry itself." However, concerns have been raised about the potential impact on the quality of work experience. The DfE maintains that the updates align with evolving business needs while ensuring students gain meaningful workplace experience.
Students demand better financial education
According to a report by the Higher Education Policy Institute (Hepi), nearly 60% of university students desire enhanced education on financial planning and budgeting during their time in school. The survey, which included 1,105 full-time undergraduates in England, revealed that while 83% felt adequately prepared for higher education, only 38% believed the curriculum equipped them for life and work. The report advocates for a “pathway mentor guarantee” for students and suggests reducing the number of assessments while allowing students to take more subjects at A-level. The ongoing curriculum review aims to address these issues and ensure students receive relevant and diverse education.
WORKFORCE
Nurseries face closure crisis
Private nurseries face closure due to the government's early years education policy, which aims to open over 3,000 new nurseries in England. Labour's plan involves converting spare school classrooms into nurseries, but this has led to existing private nurseries being forced out by academy trusts and local authorities. Concerns have been raised that these new nurseries may not adequately support working parents because they often have limited hours and fewer places for babies. Neil Leitch, chief executive of The Early Years Alliance, expressed worries that Labour's initiative could jeopardise current childcare provisions. "We have concerns that Labour's policy to increase nurseries within schools might jeopardise existing provision," Leitch said. The Department for Education maintains that its programme will create thousands of new places and has provided over £2bn in funding.
INTERNATIONAL
Porsche to cut 1,900 jobs
Porsche plans to reduce its workforce by 1,900 jobs by 2029 due to stagnant demand for its EVs. The cuts will primarily affect the Zuffenhausen factory and a research centre in Stuttgart. The company has reported profit margins expected to be between 10% and 12% this year, significantly lower than the long-term target of 20%. Porsche attributed the job cuts to "the delayed ramp-up of electromobility [and] the challenging geopolitical and economic conditions." As part of an agreement with union IG Metall, layoffs are not permitted until 2030, leading Porsche to offer voluntary redundancy packages instead.
Retail strike in Finland looms
Finland's Service Union United PAM has announced a potential strike, set to commence next week if mediation fails. The logistics strike in the retail sector is scheduled to begin next Monday, with a store strike starting on Wednesday. Risto Kalliorinne, PAM's organisational director, advised that "it's probably not a good idea to leave shopping until the last minute," because shortages and store closures may occur. Approximately 70,000 employees across 3,000 sites, including major retailers like S-Group and Lidl, are expected to participate. PAM is also engaged in a labour dispute in the ski resort sector. It has imposed a ban on overtime and shift changes for ski resort workers since early February.
Dual-language app to ensure safety of maids
The nanotechnology department at India's North-Eastern Hill University (Nehu) has launched ‘Maidful’, a dual-language application in Khasi and English which aims to create safe and transparent employment opportunities for domestic workers. Principal investigator Davidson Pyngrope highlighted the app's role in addressing the challenges faced by domestic workers in securing fair employment, explaining: "The app ensures profile verification of both employers and housemaids, thus enhancing safety and transparency in the hiring process." The Rangbah Shnong (Headman) of the village of Mawkynroh said: "The app connecting housemaids with prospective employers is more than just a technological innovation. It is a beacon of hope, dignity, and empowerment."
OTHER
Valentine's Day spending set to soar
According to a survey by the British Retail Consortium, over half of the UK public plans to spend on their partner this Valentine's Day. The survey revealed that 27% intend to take their partner out for a meal, while 19% will send a card. Notably, 65% of 18- to 34-year-olds are likely to spend, compared to 39% of those over 55. Geographically, Londoners are the most inclined to spend, with 64% planning to do so, compared to 39% in the South West. Meanwhile, Selfridges has revealed that unconventional gifts including tinned fish and strong cheeses are gaining popularity. Andrew Bird, head of food at Selfridges, explained: "Shoppers are looking beyond the typical foodie gifts of chocolates and confectionery and aiming to impress their loved ones with something a bit different."
 


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