Ken Lewis will not be paid this year October 15, 2009 Outgoing Bank of America chief executive Kenneth Lewis will get no pay or benefits for his last year of work at the company. Lewis, chief executive of Bank of America (BOA) for nearly a decade, was scheduled to receive $1.5m (£1m) in base pay this year, but no bonus or other payments, said company spokesman [...]
Worker rights rules delayed October 15, 2009 THE GOVERNMENT yesterday pledged to delay European Union (EU)rules that would give agency workers the same rights as full-time employees. Business minister Pat McFadden said the UK will bring in the new laws in the coming months, but they will not be enforced until October 2011, giving recession-hit businesses a break before they have to [...]
Ex-FSA boss warns on slump October 15, 2009 The former head of the FSA Sir Howard Davies warned of “dramatic risks” ahead for the economy in the UK, which he says has failed to grasp the gravity of the financial crisis. Now director of the London School of Economics, Davies said that “the next six months are going to be incredibly delicate in [...]
Goldman UK staff to enjoy huge payouts October 15, 2009 THE London operations of Goldman Sachs, based in the Daily Telegraph’s and the DailyExpress’s old Fleet Street office, have been key to the bank’s success and some of its City players stand to net massive pay packages as a result. The bank has set aside $16.7bn (£10.3bn) for compensation in the first nine months of [...]
Equitable Life victims win court battle October 15, 2009 Hundreds of thousands more Equitable Life policyholders are now likely to receive compensation after the High Court yesterday found against the Treasury in a decade-long battle over payouts. Two High Court judges condemned the government’s decision to ignore findings made by the Parliamentary Obmudsman last year that there had been regulatory failures and “injustice and [...]
Office of Fair Trading to launch probe into how the web uses customer data October 15, 2009 The Office of Fair Trading said yesterday it had launched a probe into strategies used by online retailers, including those designed to track users’ online behaviours. The watchdog said it was targeting “behavioural advertising and customised pricing, where prices are individually tailored using information collected about a consumer’s internet use”. It said the first study [...]
ROYAL MAIL STRIKES October 15, 2009 OVER 100,000 postal workers will stage two 24-hour strikes next week on 22 and 23 October, in a dispute over pay, jobs and modernisation at the Royal Mail. The Royal Mail – led by chief executive Adam Crozier – said the decision was an “appalling and unjustified attack on customers”.
Boris to hike prices for TfL and C-charge October 15, 2009 LONDON Mayor Boris Johnson yesterday blamed the recession and the “mistakes of the past” as he unveiled sweeping hikes to Transport for London’s (TfL) fare package. Johnson said tube fares would rise 3.9 per cent overall next year, while bus prices will jump by 12.7 per cent. The changes come alongside a proposed increase to [...]
Multi-million sign-on bonuses entirely normal, argues BGC October 15, 2009 BGC PARTNERS will next week claim that offering over £40m to brokers at rival Tullett Prebon was “entirely normal and not unlawful” recruiting practice, as the two firms resume battle in the High Court. The case was adjourned for the day yesterday after a defence barrister for BGC was taken ill on just the second [...]
CITY VIEWS: IS BORIS RIGHT TO HIKE THE FARES IN A LOW-INFLATION ECONOMY? October 15, 2009 STEVE REYNOLDS RSA INSURANCE“Most people feel that anything that is not in-line with inflation is unjust. In this case, you have got to find another way to resolve the deficit. The fares already seem over-the-top – I’ve just come back from the US and services like transport are far cheaper there.” RUPERT THOMAS THE SYNERGY [...]