The Royal Bank of Scotland (RBS) has today revealed its chief executive, Stephen Hester, will receive an extra shares bonus worth up to £4.5 million – taking his total pay package to £7.7 million for 2010. The bank, which is 83% owned by the taxpayer, also unveiled bonus payments for several of its other executives. [...]
It has been revealed that Bob Diamond, chief executive of Barclays, will be awarded a bonus of £6.5 million for the 2010 year. While the figure is lower than a reported bonus of £9 million, Mr Diamond, who was appointed chief executive earlier this year, is already paid a £250,000 annual salary. The bonus and [...]
According to a report by the Financial Times, Barclays chief executive, Bob Diamond, is looking to reform bonuses, in a move which will radically change the way it pays its senior bankers. The report suggests the newly-appointed chief executive is considering paying a large amount of bonuses in special contingent convertible bonds (known as “cocos”) [...]
Airports operator BAA has today reported a sharp fall in passenger numbers at its six British airports in December – hit by the heavy snowfall which gripped most of the country during the month. BAA, which is majority owned by Spain’s Ferrovial, said the big freeze cost it £24 million as Heathrow and other airports [...]
Barclays chief executive, Bob Diamond, faced a grilling from MPs today over his reported £8 million bonus. The Treasury Select Committee, who questioned Mr Diamond, asked whether he would waive his bonus for a third year. Mr Diamond responded: “I haven’t been offered a bonus, that’s a decision that will be taken by the remuneration [...]
Barclays chief executive, Bob Diamond, will today face questions from MPs over his reported £8 million bonus. Bonuses have been a major issue for some time now and have sparked public outrage since many argued that excessive bankers’ bonuses reward the risk-taking culture that led to the financial crisis. The Treasury Select Committee, who will [...]
Heathrow airport’s boss, Colin Matthews, has announced he will forgo his 2010 bonus after saying he was “responsible” for the recent crisis at the snow-hit airport. Mr Matthews said: “We’ve had a crisis here. I am responsible and I have decided not to take my bonus.” However, BAA would not disclose what Mr Matthews’ six-figure [...]
Banking giant HSBC is proposing to raise the basic salaries of its senior investment bankers, in an attempt to beat the crackdown on bonus payouts. However, the move is likely to trigger unrest among the public sector, which is faced with savage cuts, as the Government attempts to bring down the budget deficit. Furthermore, the [...]
The Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, is set to reignite its dispute over bonuses after hiring John McIntyre. Mr McIntyre, the former Lehman Brothers banker, is a renowned figure in the City after successfully suing his former employer, Dresdner Kleinwort, for a £2 million bonus. He will join [...]
US banking giant Goldman Sachs has today announced profits dived 82% in the second quarter to $453 million. The figures represented the worst quarter since the height of the financial crisis – almost two years ago and were hit by the British bonus levy and a US fraud settlement. Commenting, Lloyd Blankfein chief executive, said: [...]
British Airways (BA) chief executive, Willie Walsh, has rejected a bonus worth £334,000. The news comes just one day after the final series of cabin crew strikes ended. This is the second consecutive year that Mr Walsh has turned down a bonus, and in its annual report, the company said no-one would receive a cash [...]
Savings experts have warned that a new Football Bond from Nationwide is a World Cup “gimmick”. Customers who take out the bond will he paid a bonus if England wins the World Cup trophy this summer. The four-year fixed rate bond pays 4.15% (AER) gross per year. If England win the World Cup, the interest [...]
The Royal Bank of Scotland (RBS), which is 84% owned by the Government, is set to unveil plans to toughen performance targets at its AGM in Edinburgh later this week, after consultations with shareholders. According to reports, RBS chairman, Sir Philip Hampton, is expected to agree that the share price target element of the long-term [...]
British retailing giant, Marks and Spencer (M&S), today posted better-than-expected same store sales of 5.1% in the UK in the 13 weeks to March 27 (its fiscal fourth quarter). Sales were boosted by strong demand for formalwear and knitwear. The company said clothing sales grew 10.1%, while homewares rose 13.3%. Furthermore, food sales (which have [...]
Lloyds Banking Group has announced plans to award its chief executive, Eric Daniels, £2.85 million in shares. However, the share incentive only comes to fruition if stock in the state-owned bank goes above the 114p mark in the next three years. The award is in addition to his £1 million salary and the maximum £2.3 [...]
John Lewis Partnership, the renowned employee-owned department store, has revealed its staff will share a bonus pot of £151 million. The announcement came after the 146-year-old group said annual pre-tax profits grew 9.7% to £306.6 million. According to John Lewis chairman, Charlie Mayfield, the company’s 70,000 staff – or partners, as John Lewis refers to [...]
Europe’s largest bank, HSBC, has today said pre-tax profits fell to $7.07 billion (£4.6 billion) last year compared with $9.3 billion in the previous year. The banking giant said loan impairments charges and other credit provisions were $26.5 billion in 2009 – a rise of 9% compared with the previous year. Stephen Green, chairman of [...]
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 [...]
Abbey and Alliance & Leicester (A&L) are offering new customers a £100 incentive to switch to their current accounts. The Santander-owned banks are offering the bonus to new customers opening an Abbey Preferred Overdraft Rate account or an A&L Premier Account from today. To receive the cash bonus, customers must fund the account with a [...]
The chairman of the Financial Services Authority is supporting a new tax on banks, aimed at curbing the bonus culture in the City. In an interview with Prospect magazine, Lord Turner attacked the industry and said some of the City’s activities had “swollen beyond its socially useful size” and was happy to consider taxing it. [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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