Clifford Chance to make redundancies in London
Some London-based Clifford Chance employees will be made redundant due to changes brought about by Covid-19.
Clifford Chance has launched a redundancy scheme that will see tens of London-based employees leave the law firm.
The Magic Circle law firm will make between 44 and 73 people redundant in the capital, with those working as legal support secretaries and in the document production unit and the mail room to be affected.
The law firm said it hopes the number of those choosing voluntary redundancy will reduce the number of compulsory redundancies needed.
UK regional managing partner Michael Bates said the impact of Covid-19 on the firm along with technological changes had led to the decision to make some staff redundant.
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UK companies more distressed than European rivals, Moody s finds
UK has the highest number of distressed companies in Europe, according to data from Moody’s.
The number of distressed companies in the EMEA region remains close to record highs, with the UK surpassing any other country, as the coronavirus fallout continues to weigh on economic recovery.
Distressed companies, defined by Moody’s as companies with a B3 negative rating or lower, fell to 113 in December which was only slightly lower than the all-time high of 130 in June last year.
The UK had the highest number of distressed companies, with 28 bearing a B3 negative rating or lower, while Germany showed the most volatility.
All eyes on dividends: What to expect from Barclays and Natwest this week
Barclays Covid bad loan provisions were offset by strong performance in its investment bank (AFP via Getty Images)
Barclays and Natwest will be the first of the major high street banks to report full year results this week.
It has been a difficult 12 months with Brexit weighing on sentiment in addition to the fallout from the pandemic.
All eyes will be on dividend payments after the Prudential Regulation Authority effectively banned payouts last year. The Big Five banks – which also include HSBC, Standard Chartered and Lloyds – are expected to pay out £5bn in dividends for 2020 and £8.1bn in 2020.