Revolut deploys AI to scrutinise law firms in major shake-up May 19, 2026 Fintech giant Revolut is scrapping the ‘traditional’ method of assigning external law firms in favour of a new system where no law firm’s position is secure. Businesses that need external law firms on hand hold a panel session, where they vet law firms within their price range, and those that win secure a spot for [...]
Tax judge criticises ‘fabricated AI cases’ cited in appeal against HMRC May 18, 2026 A former West Sussex restaurateur has avoided contempt of court after using AI hallucinations as evidence in his £51,000 tax battle against HMRC. HMRC had sent letters to Omar Rafique, former director of Karma Lounge in Worthing, in 2024 demanding payment of over £51,200 and warning that he could face bankruptcy if the debt was [...]
AI is driving McKinsey’s business model and talent overhaul May 15, 2026 McKinsey & Company’s business model is changing to prioritise performance-based pay, a shift largely driven by the impact of AI, CityAM understands. The Big Three consulting giant has told senior staff it plans to overhaul its remuneration structure for partners, with more of their pay potentially coming in the form of equity in the US-headquartered partnership. [...]
Why identity security is now a board-level imperative May 15, 2026 Can your board answer with confidence what your AI agents can actually access right now? Many can’t. That’s become a competitive liability, not just a compliance risk. During my time in boardrooms and speaking with customers across the city, I’ve learned that the risks that keep leaders up at night are often the ones nobody [...]
Burges Salmon and Wexler roll out firm-wide legal AI partnership May 11, 2026 Leading UK law firm Burges Salmon is rolling out a new company-wide partnership with legal tech startup Wexler to aid lawyers in litigation work, CityAM can reveal. The Bristol-headquartered legal practice said Wexler is “a reliable option” and the firm-wide partnership follows “a successful integration” of adopting Wexler in the Dispute Resolution team in [...]
UK businesses struggle with triple threat of costs, cyber risks and stagnant growth May 6, 2026 The UK consulting sector is expected to grow by nearly 6 per cent this year, amid businesses facing ‘intensifying pressure’ from cost management, cyber security risks, and budget constraints. The Management Consultancies Association (MCA), which represents the consulting sector, has released a new report stating that heightened costs and strapped budgets are “the single biggest concern” for [...]
KPMG faces staff uproar as job cuts expose communication breakdown May 6, 2026 Big Four audit firm KPMG is facing something of an internal comms meltdown, CityAM understands, amid complaints of a lack of communication during a ‘mismanaged’ redundancy round. In late March, it was reported that KPMG UK was set to axe more than 500 staff in the latest redundancy round at the Big Four giant. [...]
Corvera co-founder: Brits have it too comfortable May 5, 2026 The boss of Corvera has said Brits take a too comfortable, risk-averse approach after moving his AI startup from London to San Francisco. Corvera co-founder and chief executive Christopher Kong, an Oxford graduate who launched a fast-growing vegan food range before setting up the AI business in October last year, said he found it easier [...]
OpenAI listing plans hit as Altman scraps robotics spin-off idea May 5, 2026 Tech behemoth OpenAI internally shelved plans to spin off its robotics and consumer hardware divisions, as chief executive Sam Altman tightens focus ahead of a potential IPO that could value the company at up to $1 trillion (£737bn). The proposed restructure, as first reported by the Wall Street Journal, would have mirrored Alphabet’s model, separating [...]
Elon Musk settles lawsuit over Twitter takeover for $1.5m May 5, 2026 Tech tycoon Elon Musk has finally put one of his longest-running legal battles to rest after reaching a $1.5m (£1.2m) settlement with the US regulator. The US Securities and Exchange Commission (SEC) filed a civil lawsuit against the billionaire, alleging violations of securities laws in the run-up to his 2022 purchase of Twitter. Musk, who [...]