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 [...]
A report by the Recruitment and Employment Confederation (REC) and KPMG has revealed employment for both temporary and permanent workers rose during December. The survey of 400 recruitment consultancies showed permanent staff vacancies rising at their fastest level in four months, while demand for temporary staff saw its biggest rise in six months. However, the [...]
Banking giant Barclays has today admitted that bonuses for its staff total just over £2 billion, despite the bank admitting these were “challenging markets”. It said it has set aside £1.5 billion to pay out in bonuses for its 25,000 staff so far this year and comes despite the bank’s investment unit, Barclays Capital, unveiling [...]
Travel chaos is looming after airport operator, BAA, has voted in favour of strike action, the Unite union has announced today. BAA, which is majority owned by Spain’s Ferrovial, owns six airports: Heathrow, Stansted, Aberdeen, Edinburgh, Glasgow and Southampton. These airports would have to close on any strike days, as crucial staff including fire-fighters, security [...]
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 [...]
Barclays’ staff are set to vote on whether to strike over the closure of its final-salary pension scheme. The Unite union said the ballot will take place in August with potential industrial action taking place across the bank in September, which will “significantly impact” the bank’s operations. The decision to close its final-salary pension scheme [...]
Northern Rock, which was nationalised in February of last year, has paid almost all of its 4,500 employees a 10% bonus – an average of £2,000 each. The bonus fund, which amounts to £8.8 million, has sparked outrage among politicians with Lib-Dem Treasury spokesman Vince Cable, describing the action as extraordinary since millions of people [...]
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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