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Saturday 17th of July 2010

News Tag: bonus

June 10, 2010

BA boss turns down bonus

by Kay Murchie
”BA
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 bonus for the second successive year. Mr Walsh said ...



May 18, 2010

Nationwide’s football bond is “gimmicky”

by David Masters
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 rate will increase to 4.65% in May 2011. Robin Bailey, Nationwide's divisional director of savings and ...



April 26, 2010

RBS remuneration package to be high on the agenda at AGM

by Kay Murchie
”RBS
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 incentive ...



April 8, 2010

M&S sales beat forecasts but issues caution

by Kay Murchie
”M&S
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 suffered due to strong competition from Waitrose), ...



March 28, 2010

Lloyds chief set for bigger bonus

by Kay Murchie
”Lloyds
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 million annual bonus. However, the bank said ...



March 11, 2010

John Lewis staff share £151m bonus pot

by Kay Murchie
John Lewis staff share £151m bonus pot
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 them - will receive payouts equal ...



March 1, 2010

HSBC posts fall in pre-tax profits

by Kay Murchie
HSBC posts fall in pre-tax profits
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 the bank, said that while the worst of ...



December 9, 2009

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

by Kay Murchie
”Pre-Budget
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 treasured AAA credit rating. Moody’s added ...



September 7, 2009

Santander offers £100 to new customers

by David Masters
”Santander
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 minimum of £500 per month at A&L;, or ...



August 27, 2009

FSA chief supports tax to curb bonuses

by Kay Murchie
”FSA
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. Lord Turner comments: "If you want to ...



August 17, 2009

Plans to curb excessive bonus payments

by Kay Murchie
”Plans
The excessive bonus culture, a subject which has dominated the news this year, rears its head again after Chancellor Alistair Darling has responded to calls for a new commission to restrict bonus payments. Bank bonuses, in particular, have sparked public anger and have been the subject of heavy criticism since it is banks that are being blamed for the financial crisis. One hundred ...



May 25, 2009

RBS senior managers to share bonus pot of £5m

by Kay Murchie
”RBS
It has emerged that Royal Bank of Scotland (RBS) has awarded four of its senior executives a total of £5 million. Earlier this year, bonus packages were the subject to a lot of bad press and sparked outrage among the public when it was banks who are being blamed for the recession. RBS, which is 70% owned by the taxpayer, ...



May 13, 2009

Sainsbury’s reports 11.3% rise in profits

by Kay Murchie
...



March 9, 2009

Lloyds staff set to receive £80m bonus

by Kay Murchie
”Lloyds
Staff at Lloyds Banking Group are in line for an £80 million cash bonus in spite of the taxpayer stake increasing from 43% to 65% after it signed up to the Government’s Asset Protection Scheme over the weekend. The scheme, which insures against losses arising from toxic assets, will see Lloyds commit to lending at least £28 billion over the next ...




February 13, 2009

RBS unveils ISA for first time savers

by David Masters
RBS unveils ISA for first time savers
RBS has launched a new cash ISA paying up to 3.51% interest. The Cash ISA Plus account is aimed at new savers opening an ISA for the first time. As such, it does not accept transfers from other ISA accounts. Minimum deposit is just £1, and up to £3,600 can be deposited every tax year. To open a Cash ISA Plus, customers ...



February 8, 2009

Review launched into banking operations

by Kay Murchie
”Review
Chancellor Alistair Darling has announced that an inquiry is to take place into the operations of banks after it was reported last week that banks are planning exorbitant bonuses for its staff. The review will examine how banks are managed and Mr Darling expects the review to make recommendations about the effectiveness of risk-management by banks' boards, including how pay affects risk-taking. The ...



January 22, 2009

Northern Rock staff receive 10% bonus

by Kay Murchie
”Northern
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 are facing pay cuts or unemployment. The lender ...



December 16, 2008

Goldman Sachs announces biggest loss since 1999

by Kay Murchie
”Goldman
Former investment bank, Goldman Sachs has reported its first loss since it floated almost a decade ago. The bank said that losses during the three months to the end of November hit $2.12 billion (£1.41 billion). However, the loss was still less than the market expected and shares gained 4%. As a consequence of the loss, Goldman said its compensation and benefits ...