Category: 3. Business

Shein has reported a 20% rise in global revenues to $37bn (£27.7bn) but profits have fallen as the fast-fashion retailer faced increased costs, even before it felt the impact of recent changes to US tax laws.

The Singaporean parent company of the rapidly growing retailer said pre-tax profits had fallen by 13% to $1.5bn last year from $1.3bn in 2023 after an increase in selling and marketing costs, according to new accounts.

Shein is thought to be trying to list on the Hong Kong stock exchange after efforts to list in the US and UK for an estimated £50bn valuation went awry.

The China-founded online seller warned that changes to US tariff policies since April this year and their “frequent evolution” had “increased the level of uncertainties in the global economy”.

“The ongoing evolution of trade policies continues to introduce complexities for businesses that may affect the group’s and the company’s future financial condition and operations,” it warned.

Shein, which makes its revenues from selling goods and from fees on marketplace sellers, is thought to have taken a big hit to trade in the US this year after Donald Trump’s administration closed a loophole which allowed goods worth less than $800 being imported and sent directly to shoppers without certain checks and duty.

The de minimis exemption, which had been in place since 1938, was intended to foster growth for importers of small goods, latterly including e-commerce marketplaces. However, the exemption had been criticised for enabling the rapid growth of cheap imports from China via Shein and Temu.

Income tax paid by the group remained steady at about $188m although that included $6.1m deferred and adjusted tax relating to prior years.

Shein’s UK arm has been accused of transferring the “vast bulk of income” to its Singaporean parentto cut its British tax bill.

The company paid £9.6m in corporation tax in the UK despite making £2bn in sales last year.

Paul Monaghan at the Fair Tax Foundation said: “It’s still the case that Shein aggressively avoids tax, facilitated by a chain of companies in Singapore, the British Virgin Islands and the Cayman Islands.

“The move of its headquarters to Singapore has seen profits taxed at 5%-8% over the past four years, with tax relief relocation perks benefiting them by US$74.4m in Singapore in 2024 alone.”

The company paid no dividend in 2024 after a $484.5m payout in 2023.

Shein said in a statement: “The claim that Shein is avoiding tax is wholly false. Like any other international company, Shein pays all applicable taxes, including, but not limited to, VAT, corporate tax, and labour taxes, as required, and operates in compliance with the relevant laws and regulations of every market where we operate.”

Houston, TX – October 15, 2025 – Halliburton (NYSE: HAL) announced today that Petrobras awarded multiple contracts to provide vessel stimulation, intelligent completions, and safety valves in Brazil’s deepwater fields after a competitive process.

Halliburton’s engineered stimulation solutions strengthen the collaboration with Petrobras. These awards demonstrate our longstanding relationship in Brazil and support our global strategy to improve asset value and safety through our completions services.

In the Búzios field, Halliburton will deploy its SmartWell® intelligent completion technology to enable real-time reservoir management and actionable insights to optimize production. For the Séepia and Atapu fields, Halliburton will provide EcoStar^® electric tubing retrievable safety valves (eTRSV) to improve the safety and efficiency of this project.

Additionally, Halliburton’s Stim Star Brasil, tailored for Petrobras activity, will deliver stimulation services that focus on reservoir productivity and improve asset performance. 

These contracts are expected to begin in 2026 and highlight Halliburton’s expertise in completions and its focus on delivering comprehensive solutions tailored for challenging offshore operations. Through its long-standing collaboration with Petrobras, Halliburton plays an important role in the advancement of Brazil’s offshore oil and gas industry and contributes to the nation’s economy.

About Halliburton

Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Connect with us on LinkedIn, YouTube, Instagram, and Facebook.

For Investors:
David Coleman
investors@halliburton.com
281-871-2688

For Media Relations:
Alexandra Franceschi
PR@halliburton.com
281-871-3602

Gift giving for loved ones takes priority over economic anxieties as consumers plan to increase their holiday spending by 25%, boosting revenue potential for small businesses this holiday season

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, today released its annual Intuit QuickBooks Holiday Shopping Report which found that the spirit of giving will be strong this holiday season despite concerns around tariffs and inflation. U.S. consumers plan to spend $263 billion — a 25% increase from 2024 — with nearly half planning to spend more than last year. This increase in spending also extends to small businesses, with 41% of total consumer spending estimated to go towards shopping small, representing a $109 billion opportunity for small businesses and a 44% increase year-over-year.

The findings, based on a recent survey commissioned by Intuit of 6,000 U.S. consumers and 1,000 small business owners, show that while rising costs continue to play a role in how consumers spend their money, gift giving is one area they intend to prioritize this year. Nearly half (47%) of respondents shared they are cutting back in other areas to expand their budget for gifts, including discretionary purchases like dining out and traveling, and even essentials such as groceries and healthcare expenses. This is driven by an undeniable consumer desire to give to family and loved ones this season, with 42% of consumers sharing it is more important than ever, even if it means sacrificing spending on themselves. Research from Intuit Mailchimp’s 2025 Holiday Shopping Unwrapped report reinforces this importance, as more than half (52%) of shoppers say their top motivation for gift giving this year is to bring joy to others.

This desire to give back to loved ones and bring joy through gift giving is encouraging news for small businesses this holiday season, which for many, is more than just a busy shopping period, but a time that can be make or break for their annual revenue. Ninety-three percent of business owners surveyed shared that the holiday season is vital to their success this year. Overall, respondents expect sales from the season to contribute nearly half (47%) of their total yearly revenue, up from 33% in 2024. Despite the stakes, small businesses are going into the season with optimism. Sixty-five percent anticipate more revenue in holiday sales compared to last year, and more than half (57%) say their yearly revenue leading up to the holiday season has increased year-over-year. This optimism extends to their projections for consumer spending, as 89% of businesses surveyed shared they are confident that their customers will spend enough to help them meet their yearly revenue goals.

“For small businesses like ours, the holiday season is when everything comes together. It’s not just our busiest time of year, it’s when we see the impact of our community’s support the most,” said Liz Pham, owner of Bows Arts. “With more customers prioritizing gifts and gatherings, we’re optimistic about finishing the year strong. Tools like QuickBooks and Mailchimp help us stay organized and focus on what matters most: creating a great experience for our customers while growing our business.”

Consumers and Businesses Navigate Economic Pressures Together

While consumers and small businesses are entering the holiday season with an optimistic outlook, economic factors like tariffs and inflation still have an influence on their approach to navigating the season. For consumers, 86% of those surveyed shared they’re concerned about tariffs and inflation impacting their holiday spending, and more than half (51%) expect to encounter higher prices. A third (33%) of those surveyed also expect increased shipping and delivery costs, and a quarter (25%) anticipate fewer promotions and discounts when shopping for gifts this year. To tackle these potential impacts, shoppers are focused on hunting for deals (72%), shopping early (37%), and finding practical, lower cost gifts (36%).

Similarly, 68% of small businesses say tariffs have had a significant impact on their operations, leading some to increase prices (32%), absorb higher costs internally (30%), and stock up on inventory earlier than usual (25%). To counteract that pressure, businesses plan to rely on proven tactics: 44% will offer exclusive deals, 40% will increase advertising and social media outreach, and 37% will emphasize customer service to win and keep holiday shoppers.

“With economic factors like tariffs and inflation impacting how consumers are managing their spending, small businesses need to be savvy when considering how they can best attract customers and maximize their sales this holiday season,” said Simon Worsfold, Head of Data Communications, Intuit QuickBooks. “With almost half of U.S. consumers prioritizing shopping small this season, small business owners can capitalize on this over the next few months by leveraging digital and AI-powered tools to tailor their marketing to target this consumer interest, prepare their inventory to meet peak shopping moments, and streamline the manual backend work so they can focus on managing the front end of their business.”

Tips to Capture Consumer Interest in Shopping Small This Holiday Season

From leveraging AI-powered tools to streamline operations, to tailoring marketing campaigns to meet shoppers in the right place at the right time, here are a few tips from QuickBooks and Mailchimp to help set up small businesses for success as consumers look to them for their gift giving needs.

• Connect with shoppers through AI search: AI has become a part of everyday life for many, and the holiday season is no different, as the number of consumers who plan to use AI tools to help with their gift buying has increased 70% from last year. They say the main benefits of using AI are to find better prices and discounts (64%), find new products (51%), and get personalized recommendations (47%). Small businesses should ensure they’re tailoring their search engine optimization (SEO) and generative engine optimization (GEO) strategy to increase the likelihood of appearing in AI-driven search results.

• Be intentional when activating AI in your business: Small businesses are also dramatically increasing their use of AI in their business operations, with nearly three-quarters (74%) planning to implement it during the holiday season compared to just 30% last year, representing a 147% increase. As 42% of these businesses report that they will be utilizing AI during the holiday season for the first time, ensuring they are using the right tools is key. Businesses should look for AI-powered tools that do the work for them, from auto-generating invoices to scaling their ability to send personalized email and messaging campaigns, instead of ones that might simply provide tips, but not assist in completing key tasks.

• Prioritize mobile, but don’t forget about in-store shoppers: Online shopping continues to dominate the holidays, especially on mobile, as two-thirds (65%) of consumers say they’ll use their phones to browse, compare prices, and buy gifts, with the biggest draws being easy mobile checkout (51%), mobile-friendly websites (47%), and retailer apps with exclusive deals (43%). But that doesn’t mean in-store shopping is a thing of the past. More than half of shoppers (52%) plan to shop both online and in store, so small businesses should ensure they are taking an omnichannel approach to their sales and marketing strategies.

• Leverage the marketing channels that matter most to shoppers: More than half (58%) of consumers surveyed shared that receiving coupon codes is the tactic most likely to get them to make a purchase. Reminders about sales or promotions sent via email (40%) and SMS (31%) are also influential in encouraging them to make a purchase, more so than even ads on social media or recommendations from influencers. Small businesses should ensure they’re implementing a personalized, omnichannel marketing strategy across email and SMS to alert customers to specials deals and promotions, and sending timely reminders to help close the deal.

• Plan around peak shopping moments: The holiday shopping rush still peaks in November, when 45% of consumers expect to do most of their buying. Thanksgiving is a key shopping moment within that timeframe, as Mailchimp’s Holiday Shopping Unwrapped report revealed that 71% of U.S. consumers make a purchase on this day. But many are starting even earlier, with nearly one in three (30%) planning to start their holiday shopping in October. To meet the demands of these busy shopping moments, small businesses should leverage tools that can easily track their inventory and sales to help increase their sales potential.

To learn more about how businesses can optimize their holiday sales and implement the right tools to help their business grow and thrive, visit https://quickbooks.intuit.com/r/holidays/.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

Sample and methodology

Intuit QuickBooks Holiday Shopping Consumer Survey 2025

Intuit QuickBooks commissioned an online survey, completed in September 2025, of 6,000 U.S. consumers (adults aged 18+) who said they planned to participate in the 2025 holiday season to some degree (for example, by shopping, celebrating, or gift-giving). Small business consumer spending estimates are based on a weighted average percentage of each respondent’s planned holiday spend at small businesses, multiplied by the equivalent number of U.S. adults based on the latest available U.S. Census Bureau data.

To ensure the findings are as representative as possible, survey results have been re-weighted using post-stratification based on U.S. Census data. Percentages are rounded to the nearest decimal place, so values in charts and graphics may not always sum to exactly 100%. Responses to multiple-choice survey questions are shown as a percentage of the number of respondents, not the total number of responses, so will always sum to more than 100%. Respondents received remuneration.

Intuit QuickBooks Holiday Shopping Small Business Owner Survey 2025

Intuit QuickBooks also commissioned an online survey, completed in September 2025, of 1,000 U.S. adults (aged 18+) who either own, manage, or help make decisions for a small business (defined here as 0–99 employees). The sample includes:

• Business owners (sole or with partners): 543 respondents

• Self-employed, freelancers, or independent contractors: 144 respondents

• Business managers/decision-makers who are not owners: 313 respondents

As with the consumer survey, results were re-weighted for representativeness and rounded to the nearest decimal place. Percentages in charts and graphics may not add to exactly 100%. Responses to multiple-choice questions are shown as a percentage of respondents, not total responses. Respondents received remuneration.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251015020004/en/

Intuit QuickBooks:

Jaymie Sinlao

Jaymie_Sinlao@intuit.com

Source: Intuit Inc.

Released October 15, 2025

LAS VEGAS, Oct. 15, 2025 /PRNewswire/ — Pratt & Whitney Canada’s PW800 engine has exceeded 600,000 hours of flight powering aircraft from two of the business jet industry’s leading OEMs. The PW800-powered Gulfstream G500 entered into service in 2018, the G600 in 2019, and the Dassault Falcon 6X in 2023. Pratt & Whitney is an RTX (NYSE: RTX) business.

“With over 700 engines in service for 250 operators around the world benefitting from the exceptional performance and operating advantages of the PW800 engine, it delivers unmatched efficiency, lower emissions, and a quieter, more comfortable cabin experience,” said Andrew Waterston, vice president, Sales and Marketing, Business Aviation, Pratt & Whitney Canada. “Surpassing 600,000 flying hours in just a few years is a testament to the confidence our customers have in this engine and underscores how the PW800 continues to raise the bar for innovation, dependability and value for operators worldwide.”

The engine family is the most modern and efficient engine in its class. It offers double-digit improvements in fuel burn and noise as compared to the current generation of engines. It can also fly on a 50% blend of jet fuel A (kerosene) and synthetic alternative fuel (SAF). With a dispatch reliability exceeding 99.98%, the PW800 engine delivers a flawless experience and unmatched customer satisfaction, requiring 40% less scheduled maintenance and 20% fewer inspections than other engines in its class.

Pratt & Whitney Canada’s PW800 Eagle Service Plan offering is a pay-per-hour engine maintenance program that both protects and enhances asset and resale value. It increases aircraft availablity and provides a predictive and preventive maintenance environment with advanced analytics for tailored “on-condition” management.

In 2025, Pratt & Whitney Canada expanded its PW800 MRO capabilities by bringing online MTU Maintenance’s new PW800 shop in Berlin-Brandenburg, adding a high-speed MRO line in Burlington, Vermont, and continuing to operate its established facility in Bridgeport, West Virginia.

About Pratt & Whitney 
Pratt & Whitney, an RTX business, is a world leader in the design, manufacture and service of aircraft engines and auxiliary power units for military, commercial and civil aviation customers. Since 1925, our engineers have pioneered the development of revolutionary aircraft propulsion technologies, and today we support more than 90,000 in-service engines through our global network of maintenance, repair and overhaul facilities.

About RTX
RTX is the world’s largest aerospace and defense company. With more than 185,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. Through industry-leading businesses – Collins Aerospace, Pratt & Whitney, and Raytheon – we are advancing aviation, engineering integrated defense systems for operational success, and developing next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2024 sales of more than $80 billion, is headquartered in Arlington, Virginia.

For questions or to schedule an interview, please contact [email protected].

SOURCE RTX

Cognitus to further strengthen IBM’s SAP capabilities in complex and regulated industries, including Aerospace and Defense, Energy and Utilities and Manufacturing

Oct 15, 2025

ARMONK, N.Y., Oct. 15, 2025 /PRNewswire/ — IBM (NYSE: IBM) today announced that it has signed a definitive agreement to acquire Cognitus, a leading SAP S/4HANA services provider, with industry-specific, AI-powered solutions. Cognitus will bring mission-critical SAP skills, including in RISE and GROW with SAP, as well as an extensive portfolio of software assets. This combination of services, software and industry expertise, aligns with IBM’s asset-based approach to digital transformation, driving increased productivity and operational efficiency for clients around the world.

Founded in 2002 and headquartered in Dallas, Texas, Cognitus brings more than 20 years of SAP expertise, helping enterprise clients with end-to-end SAP S/4HANA implementations and application maintenance services. As an SAP Gold & Co-innovation partner, Cognitus has been recognized for pioneering industry-tailored SAP services and solutions that empower the data-driven enterprise and fuel sustainable growth.

Cognitus’ services capabilities are boosted by its suite of proprietary, SAP-endorsed and AI-enabled software assets. These assets include Cognitus CIS-GovCon which supports end-to-end government contracting requirements; Cognitus CLM, an AI-powered contract lifecycle management solution built specifically for government contractors; Cognitus Data Migration, a low-code, AI solution that simplifies the migration of data from legacy systems to SAP S/4HANA; and Cognitus Real-Time Billing, which accelerates high-volume, project-based billing by processing transactions in real time.

Cognitus’ services and software capabilities throughout the entire project lifecycle of SAP transformation projects enable faster decision-making, reduce risk, and support compliance. This helps organizations in complex and regulated industries simplify operations and achieve greater consistency with a single provider.

“SAP is the foundation for so many digital transformations around the world. Clients are turning to trusted partners that know their industries inside and out and can deploy AI-powered solutions to their enterprise operations,” said Neil Dhar, Managing Partner, IBM Consulting Americas. “Cognitus brings deep industry expertise and proprietary AI technology that improves the efficiency of SAP implementations and will extend the functionality of tools across our SAP portfolio.”

IBM has extensive skills in SAP technology and transformations, complemented by its AI-led delivery platform, IBM Consulting Advantage. The acquisition of Cognitus strengthens IBM’s industry expertise, portfolio of AI solutions, and capabilities in RISE and GROW with SAP, bolstering its ability to deliver modern SAP solutions faster and more effectively for global clients.

“Becoming part of IBM enables Cognitus to amplify what we do best – accelerating SAP transformation through innovation,” said Pat Sathi, CEO of Cognitus. “It creates new opportunities for our people while strengthening how we serve our customers. Our clients will continue to benefit from our proven SAP-Endorsed solutions and accelerators, backed by Cognitus’ deep industry expertise in regulated industries and now supported by IBM’s global scale and advanced technology capabilities.”

Nitin Khanna, Managing Director, and Amit Baid, President, at Cognitus, added, “Our software-first approach has always been central to how we deliver value. With IBM, we’ll be able to accelerate software innovation, enhance our portfolio, and expand these capabilities to serve an even broader global customer base.”

The acquisition of Cognitus strengthens IBM’s SAP portfolio and represents IBM’s continued investment in skills for strategic partners like AWS, Microsoft, Oracle, Palo Alto Networks, SAP, and more.

Financial details of the transaction were not disclosed, and IBM’s acquisition of Cognitus is subject to customary closing conditions and regulatory approvals.

About Cognitus

Cognitus, an SAP Gold and Co-Innovation Partner, is a recognized leader in delivering GROW with SAP and RISE with SAP programs for complex and regulated industries. The company combines deep industry expertise with a portfolio of SAP-Endorsed Apps and industry accelerators that extend SAP Cloud ERP to meet compliance and operational requirements. With proven experience across Aerospace and Defense, Utilities, Manufacturing, Consumer Products, Professional Services, Wholesale Distribution, and more, Cognitus enables rapid, fit-to-standard SAP implementations that help customers modernize with confidence and achieve measurable value.

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.

Media Contact:

Elizabeth Brophy

Elizabeth.Brophy@ibm.com

SOURCE IBM

Lexington, MA and Bristol, CT– October 15, 2025 – Leading into Breast Cancer Awareness Month, FUJIFILM Healthcare Americas Corporation, a leading provider of medical imaging and informatics solutions, and Beekley Medical^®, a leading supplier of niche medical products, hosted its second annual Breast Imaging Education Summit at Fujifilm’s Valhalla, NY headquarters on September 20- 21. The complimentary event was well attended and convened radiologic technologists specializing in breast imaging and industry leaders within the field, with attendees earning 13 CE (Continuing Education) credits.

More than 40 technologists attended the educational forum designed with an emphasis on learning, collaboration, and professional growth. The goal was to engage technologists on the frontlines of women’s healthcare about the latest advances in imaging technologies and screening best practices through interactive conversations and hands-on training with the latest imaging systems and clinical images.

The program included more than 10 presentations from experts in the women’s health space including several radiologists from renowned institutions like MD Anderson Cancer Center and University of Pittsburgh Medical Center. Topics ran the gamut from new technologies in breast imaging to breast density communication and reporting, from contrast-enhanced mammography to understanding the patient’s journey after breast cancer diagnosis, and more.

In addition, Mammography Educators provided attendees with an instructional live, hands-on breast positioning workshop with Fujifilm’s ASPIRE Cristalle 3D mammography system and Beekley Medical’s Bella Blankets® Protective Coverlets.

“Beekley Medical and FUJIFILM Healthcare Americas Corporation share the same mission – to improve women’s health by expanding access to breast health education and mammography services for every woman who needs it,” said Henry Izawa, president and chief executive officer, FUJIFILM Healthcare Americas Corporation. “Technologists perform approximately 40 million mammograms in the U.S. every year— they are literally at the forefront of saving lives. And because they are on the frontlines, techs are also in a unique position to educate women about the importance of annual screenings and early diagnosis. This event was created to help techs expand their professional knowledge while also paying tribute to the critical work they do every day.”

“Beekley Medical is honored to partner with FUJIFILM Healthcare Americas Corporation for the annual Breast Imaging Education Summit,” said Maureen O. Gallo, President of Beekley Corporation. “Not only do our companies share a legacy of 91 years in business, but we also share a deep commitment to excellence. That commitment is reflected in the caliber of radiologists who participate in this prestigious event, generously sharing their expertise with attendees. This program empowers technologists with the latest knowledge and hands-on experience in breast imaging. Through this collaboration, we’re helping to elevate the standard of care for women everywhere.”

For technologists who could not attend the event, a recorded webinar of key topics addressed during the second annual Breast Imaging Education Summit will be available on Nov. 8^th at 8:00 a.m. to 2:30 p.m. to celebrate National Radiologic Technology Week. Participating technologists will earn 6.0 CEU credits. To register, click here.

The European Commission has fined Gucci, Chloé, and Loewe over 157 million euros for anti-competitive pricing practices

MILAN — MILAN (AP) — The European Commission has fined luxury fashion houses Gucci, Chloé and Loewe over 157 million euros (nearly $183 million) for anti-competitive practices restricting independent retailers’ ability to set prices for their luxury goods.

The commission said the companies’ fixing of resale prices breached the bloc’s competition rules, and harmed consumers.

“The decision sends a strong signal to the fashion industry and beyond that we will not tolerate this kind of practice in Europe, and that fair competition and consumer protection apply to everyone, equally,’’ Commission Vice President Teresa Ribera said in a statement on Tuesday.

Gucci owner Kering acknowledged the decision “related to past commercial practices” and said in a statement that “a cooperative procedure” allowed “for a swifter resolution of the case.” Gucci’s fine was cut in half to nearly 120 million euros for its cooperation revealing additional breaches, the commission said. Kering said funds were set aside for the fine in the first-half of 2025.

Chloé owner Richemont and Loewe owner LVMH did not immediately respond to requests for comment. Loewe’s fine was halved to 18 million euros for its cooperation and Chloé’s fine was reduced by 15% to nearly 20 million euros.

The commission said that the three brands restricted the ability of independent retailers to set their own prices for high-end apparel, leather goods, footwear and accessories sold both online and in physical stores.

The brands required the retailers to stick to recommended retail prices, set maximum discount rates as well as periods for sales, mirroring practices in the brands’ own direct sales channels.

The practices “deprived the retailers of their pricing independence and reduced competition between them,” the commission said.

UK regulators will speed up bonus payouts for high-earning bankers, watering down another key change introduced in the wake of the 2008 financial crisis.

Since 2015 senior bankers have had to wait eight years before receiving their full bonuses to ensure individuals could be held financially accountable for any wrongdoing that came to light years later, or even after they left the bank.

On Wednesday the Bank of England and the Financial Conduct Authority (FCA) said they were halving that to four years.

The watchdogs also went further than a previous consultation, saying they would now require a much smaller proportion of bonuses to be withheld from high-earning staff over the period. From Thursday, only 60% of the payout that falls above £660,000 will have to be deferred.

The decision, which will be welcomed by the City, marks yet another rollback of post-financial crisis rules after the UK formally scrapped a banker bonus cap two years ago that limited bonuses to two times bankers’ salaries.

The FCA and the Bank’s Prudential Regulation Authority, which have argued that the reduced deferral periods still provide enough time for any problems to surface, said the change would bring the UK “more closely in line with many other major jurisdictions”. In the EU, bankers’ bonuses are typically deferred for three to five years, while the US has no such restrictions.

The PRA’s chief executive, Sam Woods, said: “These new rules will cut red tape without encouraging the reckless pay structures that contributed to the 2008 financial crisis. These changes are the latest example of our commitment to boosting UK competitiveness.”

Deferred bonus rules have been used to punish high-profile cases of wrongdoing in the City. Barclays froze and later cancelled £18m worth of pay and bonuses for its former chief executive Jes Staley, who resigned in 2021 after the FCA launched an investigation into his links to Jeffrey Epstein. Staley was later found to have misled the watchdog over his relationship to the former financier and sex offender.

Efforts to relax bonus rules are part of a wider drive to cut red tape across the City, with the chancellor, Rachel Reeves, having claimed in her Mansion House speech in July that regulations were acting like as a “boot on the neck” of businesses and risked “choking off” innovation.

She has put pressure on watchdogs, including the Bank and FCA, to further loosen rules in hopes of boosting economic growth.