Bank staff costs take bigger share of pot
The world’s big international banks are paying out much more on staff costs relative to profits since the financial crisis while slashing the portion of income paid out in dividends, according to data compiled by the Financial Times. The findings come amid increasing shareholder complaints at annual meetings in the US and Europe over the past two months that bank staff are being awarded a too high share of profits. The FT data has measured trends at 13 big international banks.
WPP’s Sorrell defends £6.8m pay package
Sir Martin Sorrell, chief executive of WPP, has issued a robust defence of his pay ahead of a showdown with some big shareholders. Writing in the FT ahead of WPP’s annual meeting next week, Sir Martin warned that if Britain wanted world champions in the private sector, it needed to pay competitively.
Vodafone sets sights on TelstraClear
Vodafone is in talks with Telstra, Australia’s largest telecoms company, to acquire its New Zealand business, TelstraClear, in a deal that could be valued at A$300m-A$400m.
Only way is Surrey as it outstrips Essex
Good news for the “gin and jag” brigade living in Surrey — the county is the richest in Britain, with more valuable homes and individual property wealth. A report by PrimeLocation.com has found that Surrey’s homes are valued at £288bn.
Foot Locker agrees record-breaking rent deal
A record rent has been set on Oxford Street... Foot Locker will move into the current Esprit site for £1.3m a year.
The Daily Telegraph
UK banks sitting on £40bn of undeclared losses
Britain’s banks are sitting on a £40bn black hole of undeclared losses that are preventing them from making vital loans to businesses and households, according to PIRC.
Cancelling London 2012 Olympics would cost $5bn, warns insurer
Cancelling the Olympics in the event of a terrorist strike or natural disaster would cost the insurance industry as much as $5bn (£3bn), Munich Re has estimated.
THE WALL STREET JOURNAL
Comptroller sees risk-management breakdown at JP Morgan
The JP Morgan Chase & Co trading activity that lost more than $2bn stemmed from a breakdown in the firm’s risk-management activities that started in late 2011, according to the lead examiner of the bank group responsible for the losses.
Defence chiefs signal job cuts
US defence contractors are preparing to disclose mass job cutbacks ahead of November elections if Congress fails to reach a deficit-reduction deal by then.