Deloitte, Ramp & HSBC: Top 5 Finance Stories of the Week

Deloitte: Annual Spend on AI for Personal Use Reaches £958m

According to new findings from Deloitte’s workplace AI survey of 25,000 workers, employees in the UK spend an estimated £958m (US$1.29bn) each year on gen AI tools for work.

The study also reveals that almost a third of gen AI users across the UK workforce adopt these tools without employer knowledge, a trend commonly referred to as "shadow AI."

Hayley McKelvey, Deloitte UK’s Chief AI Officer, speaks to Finance Chief exclusively: “It’s really important that leaders reinforce that AI is there to augment human capabilities, not replace them, and should encourage employees to experiment and learn by working with AI.

“The organisations that will get the most value from AI are those that make responsible use visible, supported and part of everyday work.”

Deloitte's key partners:

Amazon Web Services: AWS is a comprehensive cloud platform offering on-demand computing power, database storage, machine learning capabilities and content delivery network services to businesses across the globe.

Google Cloud: Google Cloud delivers enterprise-grade cloud computing services, data analytics tools, cybersecurity solutions and advanced AI technologies designed to help organisations scale efficiently and innovate rapidly.

Microsoft: Established in 1975, Microsoft has expanded to become a dominant global technology leader, celebrated for its Windows operating system, Office software suite and cloud computing platforms. Operating worldwide in over 190 countries, Microsoft is currently led by CEO Satya Nadella, who took the helm in 2014. It is headquartered in Redmond, Washington, US.

UK’s Blue Light Card sees Martin Kvist as new Finance Chief​​​​​​​

Blue Light Card partners with over 15,000 corporations to be able to offer discounts to its members. 

Members include frontline employees such as NHS members, emergency service workers, various military branches and mountain rescue. 

Martin leaves his post at TooGoodToGo, which focuses on resolving food waste by partnering with local business. 

Speaking to Finance Chief exclusively, Martin Kvist, new CFO at Blue Light Card, says: “Blue Light Card has significant ambition for its next phase of growth, and I’m looking forward to driving finance as a strategic partner in that ambition, from where we invest to how we scale and continue delivering value for our members and partners.

“I’ve seen first-hand what it takes to scale a purpose-led business both in the UK and internationally, and I’m excited to bring that experience to Blue Light Card and the Executive Team as we pursue the opportunities ahead of us.”

Smart Finance Tool Ramp Enters UK Market with Visa

Following a successful expansion into Canada this past July, American fintech provider Ramp has officially crossed the Atlantic, launching its financial software suite to commercial clients across the UK.

Designed to replace scattered financial tools, the centralised software combines invoice settlement, corporate card issuing, flight and hotel booking, treasury oversight, purchasing controls, automated ledger entries and day-to-day reimbursement handling into a single ecosystem.

Ramp's global footprint now spans over 70,000 enterprise accounts. According to internal metrics, clients typically record a 5% fall in overall operational overhead while boosting top-line revenue by 16% within twelve months of adoption.

Speaking with Finance Chief exclusively, Jacob Wallenberg, VP, International Expansion at Ramp says: “By combining all the investments we've made in AI and software over the past seven years with a local team and local licensing, we are uniquely positioned to be that partner to UK businesses.”

The UK rollout relies on a dedicated London office alongside specialised payment permissions acquired when Ramp bought out London- and Stockholm-based payment processor Billhop in March.

That acquisition provided the company with legal regulatory clearance to process payments within both the European Union and the UK. .

“The UK is home to some of the fastest-growing companies in Europe, and we built our product to match that,” Jacob continues.

Group CFO of HSBC Pam Kaur to Step Down in 2027

HSBC’s first female CFO announced that she will be stepping down after 13 years at the bank, effective in 2027. 

HSBC said that Pam will not stand for re-election in its 2027 AGM, according to Reuters. She will still provide advice to CEO Georges Elhedery. 

To replace Pam, HSBC is looking at both internal and external candidates. 

Pam Kaur, CFO of HSBC notes on LinkedIn: “This week, I announced that I plan to leave the Group CFO role in 2027. This is a deeply personal decision, reached after reflecting on a four-decade career, of which more than 13 years have been at HSBC. 

“The strategic transformation we’ve delivered at HSBC gives me immense pride and 2027 feels the right time to embrace new leadership opportunities, apply my experience in a different context, and take on exciting new challenges.

“I am proud of what we have achieved during my time as Group CFO. Through strong discipline, performance and delivery, we have made excellent progress together in repositioning HSBC for growth and driving enterprise value, and this is reflected by the market and our stakeholders. This reflects the hard work, judgement and collaboration of colleagues across HSBC.”

Fed Rate Hike to 4%: How the Bond Market Forced Warsh's Hand

Setting the price of money is the Federal Reserve's defining power, and for the past month the bond market has been exercising it instead.

With inflation in its fifth year and war-driven oil above US$100 a barrel, investors pushed Treasury yields to a 19-year high and waited for the central bank to catch up.

On Wednesday Chair Kevin Warsh did. The quarter-point rise, the Fed's first since July 2023, lifts the benchmark to a range of 3.75% to 4% on a unanimous vote.

"The Fed raised rates today, but the bond market got there first," Karen Manna, a fixed income strategist at Federated Hermes, told CNN.