Tag: bonuses

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 [...]

Vince Cable attacks excessive fat cat pay

Vince Cable attacks excessive fat cat pay

At his keynote speech to the Liberal Democrat conference, Business Secretary Vince Cable is today expected to say that shareholders should have more of a say when it comes to bonuses paid to executives. He is also expected to outline plans which will force firms to disclose their excessive pay packages. Mr Cable is expected [...]

Barclays report fall in Q1 profits

Barclays report fall in Q1 profits

British banking giant Barclays has today announced a fall in pre-tax profits for the first quarter. The bank said profits were 9% lower at £1.66 billion due to a 15% fall in revenues at Barclays Capital. Today’s results were lower than analysts expectations. However, profits from its retail and business banking operations rose by 21% [...]

Northern Rock reports £232m loss

Northern Rock reports £232m loss

Crisis-torn Northern Rock has today unveiled an underlying loss of £232.4 million for the 2010 year for its so-called “good“ bank. Despite the loss, the Newcastle-based bank will pay more than £13 million in bonuses to its 4,000-strong workforce. The bonus comes despite executive chairman Ron Sandler describing the losses as “disappointing”. He comments: “2010 [...]

RBS posts 2010 loss of £1.13bn

RBS posts 2010 loss of £1.13bn

Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today reported a net attributable loss of £1.13 billion for the 2010 year. While the loss is down from the £3.6 billion reported for 2009, it was higher than analysts had expected. The results are also a significant improvement on the £24.1 [...]

Barclays annual profits beat expectations

Barclays annual profits beat expectations

British banking giant Barclays has today kicked off the reporting season by announcing better profits than analysts had forecast. The bank posted pre-tax profits of £6.07 billion for the 2010 year - a rise of 32% compared with £4.59 billion in the previous year. Meanwhile, the bank said it lent over £43 billion to UK [...]

Banks to reveal bonus payouts and results

Banks to reveal bonus payouts and results

British banks are set to reveal their bonus payouts in the coming weeks, along with their results. Banking giant Barclays will be the first to reveal its results and 2010 bonus payout on Tuesday. There is still speculation that Barclays is reviewing its bonus structure. Chief executive, Bob Diamond, is understood to be considering paying [...]

Banks pledge to lend £190bn this year

Banks pledge to lend £190bn this year

After weeks of tense negotiations, Britain’s largest banks have agreed to lending targets and pay restraints. Chancellor George Osborne today announced that under the so-called Project Merlin, banks will lend around £190 billion to businesses this year - including £76 billion to SMEs. Last year, banks loaned £179 billion to businesses. The four financial institutions [...]

Banks agree to lending targets and pay restraints

Banks agree to lending targets and pay restraints

Chancellor George Osborne is today expected to announce that a deal has been reached between the Government and the banks with regard to lending targets and restraints on pay. The report comes a day after Mr Osborne confirmed he is maintaining the levy on banks, raising an additional £800 million this year and £2.5 billion [...]

Government will maintain levy on bank profits

Government will maintain levy on bank profits

Chancellor George Osborne has confirmed he is maintaining the levy on banks, raising an additional £800 million this year and £2.5 billion in the coming years. In a radio interview, he said he wants to ensure “banks make a fair contribution to closing the deficit”. Initially, Mr Osborne said the Government’s new bank levy would [...]

UK bank bosses in line for £6bn bonuses

UK bank bosses in line for £6bn bonuses

The controversial subject of bonuses has emerged again today after the Sunday Times reported Britain’s top banks will pay out a combined £6 billion in bonuses. The report comes despite the Government’s clampdown on bonuses as it endeavours to negotiate with the banks to commit to lending targets for small businesses and restraints on pay. [...]

European banks face exodus of staff over regulations

European banks face exodus of staff over regulations

Headhunters have warned that staff at some of Europe’s largest banks are threatening to quit over bonus rules and other regulations. The bonus review, the threat of big banks being broken up, as well as the growing pay divide between Europe and the US, is expected to bring a mass exodus of staff. However, new [...]

Ministers threaten banks over lending targets

Ministers threaten banks over lending targets

A report by the BBC has established that bank’s lending targets have not been met and pressure is now mounting for bank bosses to reduce bonuses and increase lending to businesses and homeowners. After talks, the Treasury has made it clear that the Government will threaten to break up big banks unless they agree to [...]

Morgan Stanley reports surge in Q4 profits

Morgan Stanley reports surge in Q4 profits

US banking giant Morgan Stanley has today announced fourth quarter profits surged by 60% - in line with forecasts. The Wall Street bank said net profit came in at $600 million (£375 million) for the final three months of 2010, against a profit of $376 million a year ago. Shares in the bank were up [...]

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 [...]

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. [...]

Government meets bank bosses to discuss bonuses

Government meets bank bosses to discuss bonuses

Business Secretary Vince Cable and Chancellor George Osborne are meeting with the bosses of the top banks today to discuss the controversial issue of bonuses. Mr Cable is keen to set a limit on bonuses and a commitment to increase lending to SMEs. Yesterday, Mr Cable warned banks that the Government will remain determined and [...]

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 [...]

Chancellor Osborne has a change of heart re bankers‘ bonuses

Chancellor Osborne has a change of heart re bankers‘ bonuses

Chancellor George Osborne has had a rethink with regard to bankers’ bonuses, suggesting he may abandon the requirement for British banks to disclose the number of employees earning more than £1 million. The requirement for banks to disclose bonuses and salary payments over £1 million was brought in by former Chancellor Alistair Darling last year. [...]

Banks understood to be cutting bonus payments

Banks understood to be cutting bonus payments

A report by the BBC has revealed that Britain’s biggest banks are understood to be in talks about reducing the amount they receive in bonuses. 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 [...]