Tag: bank bonuses

FSA warns banks over bonuses

FSA warns banks over bonuses

Banks have been warned by the financial watchdog that this year’s bonuses should reflect the recent scandals that have rocked the banking industry. According to The Financial Times, Andrew Bailey of the Financial Services Authority wrote to banks’ chief executives in October, saying that bonuses should be forfeited or reduced for those involved in payment […]

November 21, 2012 More
Bank of England calls for culture change in banking

Bank of England calls for culture change in banking

Michael Cohrs, a member of the Bank of England’s new financial policy committee (FPC) has warned of the danger of another financial crisis unless the ‘toxic culture’ inside banks is eradicated. Changes should include a reform of banks’ bonus systems, he said. The FPC was established to regulate UK banks, but Mr Cohrs suggested that […]

March 26, 2012 More
RBS chief defends bonuses despite £2bn loss

RBS chief defends bonuses despite £2bn loss

Royal Bank of Scotland made a loss of nearly £2 billion last year but still paid out £785 million in bonuses to staff, including £390 million to investment bankers. The average bonus per group employee was £5,346, but the bank’s 17,0000 investment bankers received an average bonus of £22,941. Bankers’ bonuses have come under intense […]

February 23, 2012 More
Downing Street won’t micro-manage bonuses

Downing Street won’t micro-manage bonuses

Speaking to the BBC after the Royal Bank of Scotland’s chief executive announced his decision to forgo his bonus this year, the government has said that it will not block bonuses to the bank’s other executives. RBS chief executive Stephen Hester was awarded £963,000 in shares but following pressure from public opinion and MPs he […]

January 30, 2012 More
Lloyds withdraws charity credit cards

Lloyds withdraws charity credit cards

Lloyds Banking Group has decided to withdraw Halifax and Bank of Scotland charity credit cards at the end of February because it doesn’t consider them a cost-effective way of donating to charity. The bank has been issuing charity credit cards for over 23 years and they have raised millions of pounds for charities such as […]

Online banking to become the norm by 2015

Online banking to become the norm by 2015

By 2015 bank customers will use digital banking more than they use branches according to ‘The New Digital Tipping Point’ report from PricewaterhouseCoopers. The survey, of 3000 people in nine countries, suggests that customers are willing to pay up to £10 a month for online banking if they receive convenience and added-value services. These could […]

January 16, 2012 More
Coalition Government to crackdown on unfair bank charges

Coalition Government to crackdown on unfair bank charges

The new coalition Government is to introduce measures that will see an end to “unfair” bank charges, as well as excessive interest rates on credit cards. The measures, part of new policies that are being introduced by the Con-Lib Government, comes after a legal battle between the banks and the Office of Fair Trading, which […]

May 20, 2010 More
FTSE 100 bosses see fall in bonuses

FTSE 100 bosses see fall in bonuses

FTSE 100 chief executives have still received sharp increases in their salaries despite the recession, according to pay analysts, Incomes Data Services (IDS). Over the last 12 months, the top bosses at the top 100 companies saw average salary rises of 7.4% – many times the rate of inflation. However, IDS said bonuses have fallen […]

October 26, 2009 More
UK bank bonuses to rise despite bailouts

UK bank bonuses to rise despite bailouts

According to the Centre for Economics and Business Research (CEBR), City bankers will receive an estimated £6 billion in bonuses for this year, compared with £4 billion for 2008. The estimate comes despite public outrage against bonuses after a year of multi-billion pound bailouts within the banking sector. However, the CEBR did point out that […]

October 21, 2009 More