Tag: bankers

Vince Cable threatens to quit coalition

Vince Cable threatens to quit coalition

Business Secretary Vince Cable has said he could quit the coalition if he is “pushed too far” in negotiations with the Conservatives. Mr Cable, who is the most senior Liberal Democrat member of the coalition after Deputy Prime Minister Nick Clegg, told undercover reporters from The Daily Telegraph the situation in the coalition was like […]

December 21, 2010 More
Bonus meeting delayed by bad weather

Bonus meeting delayed by bad weather

A meeting between Business Secretary Vince Cable, Chancellor George Osborne and the bosses of the UK’s top five banks has been delayed after Mr Osborne is stranded in the US due to bad weather. The meeting, scheduled for this afternoon to discuss the controversial issue of bonuses, had to be cancelled due to transport problems. […]

December 20, 2010 More
Government to stand firm on bonuses

Government to stand firm on bonuses

As the bonus payment season draws near, Business Secretary Vince Cable has today warned banks that the Government will remain determined and not be “bullied”. Mr Cable added that the Coalition Government is in agreement on the subject of bonuses and said it will not be “bullied” by banks threatening to leave the UK as […]

December 19, 2010 More
City bankers to face even tougher regulations under EU proposals

City bankers to face even tougher regulations under EU proposals

Under new proposals being drawn up Europe’s top regulators, there are set to be new restrictions on bankers’ bonuses - which are being described as the biggest clampdown ever seen in the banking industry. The proposals are much harsher than regulations in the US, and if introduced, will result in an overhaul of pay policies […]

October 8, 2010 More
City bankers to receive £7bn bonuses this year

City bankers to receive £7bn bonuses this year

Leading think tank, the Centre for Economics and Business Research (CEBR), has unveiled City bankers will be in receipt of a bonus pot of £7.3 billion this year. The total is 4% lower than last year’s total and considerably lower than the £11 billion paid out at the height of the banking boom in 2007. […]

October 5, 2010 More
European Parliament approves cap on bankers’ bonuses

European Parliament approves cap on bankers’ bonuses

From January next year, restrictions on bankers’ bonuses will take effect, the European Parliament has announced today. Under the deal agreed by the EU members last month, cash bonuses will be capped at 30% of the total bonus. 60% of bonuses should be variable and for future payment only, with at least 40% having to […]

July 7, 2010 More
RBS chief admits bankers paid too much

RBS chief admits bankers paid too much

Chairman of the Royal Bank of Scotland (RBS), Sir Philip Hampton, has admitted that bankers’ pay is too high. However, while conceding that bankers’ pay is “astonishingly high”, he said it is difficult to defend the gap between what most people earned and what some bank staff were paid. Speaking to BBC Radio 4, Sir […]

April 30, 2010 More
Chancellor unveils Budget 2010

Chancellor unveils Budget 2010

The Pre-Election Budget has been delivered today by Chancellor Alistair Darling with items such as stamp duty changes confirmed. The Chancellor said stamp duty will be abolished on house purchases up to £250,000. The change, which will apply this year and next year, means 90% of first-time buyers will not pay the duty. Furthermore, Mr […]

March 24, 2010 More
Morgan Stanley chairman says bankers are overpaid

Morgan Stanley chairman says bankers are overpaid

The controversial subject of bankers’ pay has reared its ugly head again today after the chairman of US banking giant, Morgan Stanley, John Mack, said investment bankers are overpaid. Sixty-five-year-old Mack, who recently stepped down as chief executive but remained chairman, has not taken a bonus for the past three years but received a salary […]

February 25, 2010 More
Wall Street bonuses surge 17% on year

Wall Street bonuses surge 17% on year

Bonuses for Wall Street bankers grew by 17% to $20 billion (£13.2 billion) in 2009, according to figures from the New York state Comptroller Thomas DiNapoli. The figures come at a time when US taxpayers are bailing out banks and Mr DiNapoli said: “For most Americans, these huge bonuses are a bitter pill and hard […]

February 23, 2010 More
Bill Nighy supports Robin Hood tax campaign

Bill Nighy supports Robin Hood tax campaign

Bill Nighy has pledged his support for a campaign to impose a “Robin Hood tax” on speculative financial transactions between banks. The actor, famous for his roles in Pirates of the Caribbean and Love Actually, has joined forces with director Richard Curtis to make a three-minute film explaining how the tax would work. In the […]

February 11, 2010 More
Dubai World to meet creditors to discuss debt repayments

Dubai World to meet creditors to discuss debt repayments

State-owned conglomerate, Dubai World, is to meet with creditors today to discuss its debt repayment plan. The company owes $59 billion of the country’s entire $80 billion debt mountain and is in need of restructuring. This morning, the Dubai Financial Market lost 1.75% as the debt-laden conglomerate commenced talks with over 90 banks to secure […]

December 21, 2009 More
France to introduce super-tax on bankers

France to introduce super-tax on bankers

French Finance Minister Christine Lagarde has today unveiled details of a 50% tax on bankers’ bonuses. After a cabinet meeting today, Ms Lagarde told reporters that a bill detailing the new tax would be presented to parliament early in the New Year. Any bonus above €27,500 (£24,000) will be taxed at a rate of 50% […]

December 16, 2009 More
Pre-Budget Report: Chancellor told Britain facing ‘fiscal crisis’

Pre-Budget Report: Chancellor told Britain facing ‘fiscal crisis’

Today is the day of the Pre-Budget Report and Chancellor Alistair Darling will give more detailed plans about how the Government intends to halve the £180 billion deficit. Moody’s credit rating agency has warned that Britain is facing a “fiscal crisis” unless the Government takes action to pay off the debt or risk losing its […]

December 9, 2009 More
Plans for windfall tax on bankers’ bonuses

Plans for windfall tax on bankers’ bonuses

In the Pre-Budget Report this week, Chancellor Alistair Darling is expected to announce a windfall tax on British banks. The measure is one of many being planned by Mr Darling to target high earners. Other measures include increasing the number of people liable to pay inheritance tax, as well as an increase in capital gains […]

December 6, 2009 More
RBS bankers join rival firms over bonus row

RBS bankers join rival firms over bonus row

According to The Sunday Times, over 1,000 investment bankers have left the Royal Bank of Scotland (RBS) after a heated row with the Treasury over bonuses. The investment bankers account for less than 5% of staff in the bank’s investment division and comes as the Government plans to veto bonus payments at the bank. The […]

HSBC chairman: Banking industry “owes an apology”

HSBC chairman: Banking industry “owes an apology”

Stephen Green, chairman of Europe’s largest bank HSBC, said the banking industry “owes the real world an apology” for the financial crisis. In an interview with the BBC, Mr Green who is also a Church of England priest, said: “I think the change in the public perception of the industry is entirely understandable. The banking […]

October 7, 2009 More