Friday newspaper round-up: Andrew Bailey, Virgin Media, EY top job
A powerful committee of MPs has criticised Andrew Bailey, the incoming governor of the Bank of England, for his management of the UK’s main financial watchdog, saying it had “serious concerns about the culture and operations” of the organisation, including during Bailey’s time as its chief executive. The Treasury select committee said that it backed Bailey to become the new governor, saying they were satisfied he had “the professional competence and personal independence to be appointed”. - Guardian
Almost a million Virgin Media customers had their personal details stored on a marketing database that had been left unsecured since last April, the company has admitted. Records show that the database has been accessed by at least one person from outside the company, Virgin Media said, although it does not yet have any evidence that the information has been used illegally. – Guardian
The Italian government is to call for an emergency suspension of the EU’s Stability Pact to counter the COVID-19 crisis and clear the way for a blitz of fiscal relief, presenting Brussels with a political hot potato as the crisis escalates dramatically. Laura Castelli, the deputy finance minister, said Rome is exploring a request to EU authorities to waive the rigid limits on budget deficits until the storm has passed. This has never happened before - even during the Lehman crisis - and would amount to the nuclear option in EU crisis management. – Telegraph
A growing number of financial services companies are taking action to protect staff from the danger of contact with coronavirus as the disease continues to spread. S&P Global yesterday confirmed it has sent all its 1,200 staff home after being visited by someone with the disease. – The Times
EY looks increasingly likely to appoint its first female managing partner, with two women among the four frontrunners for the role. The Big Four accountancy firm kicked off a leadership contest to find a new managing partner for Britain and Ireland in January. – The Times