PAY CUT FOR BOSSES OF JUST 1 PER CENT October 25, 2009 CHIEF executives of FTSE 100 companies saw their total pay cut by just 1.5 per cent over the past year to an average £3.3m despite cash bonuses falling by nearly a third, research released today shows. Income Data Services (IDS) found average bonuses for blue chip bosses remained above £500,000 even as corporate profits plunged [...]
Tories: no more cash bonuses October 25, 2009 GEORGE OSBORNE will today call on the Treasury and Financial Services Authority to stop high street banks paying out cash bonuses of more than £2,000. Retail banks such as state-owned Lloyds Banking Group and Royal Bank of Scotland must be banned from paying out cash bonuses, he will say, to allow profits to be pumped [...]
Banks near to FSA deadline October 25, 2009 THE UK’s biggest banks have just a week left until they are forced to submit intricate details of their remuneration policies to the Financial Services Authority (FSA), in a drive to reduce risk in the sector. As part of the regulator’s new code of practice on remuneration, the 26 largest British banks have been given [...]
Slump in tax receipts proof of deep crisis October 25, 2009 THE quality of Britain’s official statistics isn’t as bad as it used to be. But I wouldn’t be surprised if the 0.4 per cent decline in GDP reported on Friday is eventually revised upwards – time and again, the Office for National Statistics has rewritten economic history, sometimes radically, with the benefit of hindsight. There [...]
Madoff friend in drowning October 25, 2009 JEFFRY PICOWER, a Palm Beach millionaire and a lifelong friend of disgraced banker Madoff, was found dead at the bottom of his own pool yesterday. The 67-year-old, who was being sued over $7.2bn (£3.9bn) of alleged bogus profits made from the pyramid scheme of the disgraced financier – who is serving 150 years in prison [...]
WHAT THE OTHER PAPER SAY THIS MORNING October 25, 2009 THE SUNDAYSThe Sunday TelegraphHOUSEHOLDS LOSE 13PC OF WEALTHThe huge impact of the economic turmoil on the British public has been revealed by new figures that show household wealth in Britain fell by £844bn between 2007 and 2008, driven by sharp falls in house prices and the collapse of the stock market. It is expected to [...]
Lloyds eyes CPA Global for 400m October 25, 2009 Lloyds Banking Group’s private equity unit LDC is in talks to take on CPAGlobal – the patent and legal services group – for £400m, in a move which shows how the private equity branch of the part state-owned bank now overshadows the UK’s ailing buy-out market. The majority of private equity groups have been pushed [...]
Women’s role will be fund’s focus October 25, 2009 Cherie Blair, wife of former Prime Minister Tony Blair, and the ex-prime ministers of Canada and New Zealand will launch one of the first funds to focus its attentions on investing in firms with women executives. The Women’s Leadership Fund, which was initiated by Zurich-based group Naissance Capital, is seeking to invest up to $2bn [...]
Lloyds deal to exit APS hits further delay October 25, 2009 LLOYDS Banking Group will not be able to thrash out a deal with the Treasury to allow it to exit the government’s asset protection scheme (APS) before next week at the earliest, sources close to the talks say. Speculation in the City has been rife that Lloyds will reach agreement on the planned exit this [...]
Deutsche edges closer to deal for Sal Oppenheim wealth unit October 25, 2009 DEUTSCHE BANK looks set to take over private bank Sal Oppenheim this week, following weeks of negotiations. The move, which would give Deutsche more access to European – specifically German – wealth management clients, is expected to leave the bank owning 75 per cent of Sal, but would leave the private bank with a blocking [...]