Balls says bank salaries are a ponzi scheme March 17, 2014 BANKERS are running a “Ponzi scheme” and in a rational world would do the same job for half their current salaries, shadow chancellor Ed Balls said yesterday, calling for the reintroduction of Labour’s bonus tax. His remarks came after the business secretary Vince Cable was quoted in the Observer yesterday saying “I don’t understand why [...]
Lawyer salaries up, but bonuses are dropping February 18, 2014 Some good news this afternoon for lawyers. The average salary in the legal sector has risen by £5,000 over the past year, a five per cent increase from the previous 12 months. The jumps means that the average lawyer’s salary now comes in at £108,690, up from £103,450 in 2012/13. But bonuses aren’t [...]
John Lewis makes changes to its gold-plated final salary scheme January 30, 2014 JOHN LEWIS is set to make cuts to its generous pension scheme, one of the few non-contributory final-salary schemes left in the country. The department store group, which also owns Waitrose supermarkets, launched a review of its pension scheme in March last year after revealing that the deficit had ballooned to £840m. The draft proposals [...]
Bank salaries jump to cancel out bonus cap January 23, 2014 EUROPE’S bank bonus cap will not bring down payment to staff, as lenders will simply increase fixed salaries to compensate, ratings agency Fitch said yesterday. Instead the bigger effect of the raft of incoming regulations will be to drive up banks’ costs overall, forcing them out of low-margin businesses. “Compensation costs of five large European [...]