Hedge fund hands £200m pay packet to its partners January 9, 2011 EUROPE’S largest hedge fund, Brevan Howard, has shared more than £200m in pay between a small team of partners. The firm split £204m between 38 of its top partners, including co-founder Alan Howard, according to accounts filed at Companies House. A large allocation of the funds will go to Brevan Howard Services, the company which [...]
US mourns after Congresswoman shooting January 9, 2011 A MOMENT of silence will be held across America today following the shooting of congresswoman Gabrielle Giffords, in an attack which left six dead and 14 wounded. The American flag flew at half mast on the US Capitol building in Washington to mourn the dead, after gunman Jared Loughner opened fire in Tucson, Arizona. Giffords [...]
Hester set to be rewarded with shares January 9, 2011 RBS chief executive Stephen Hester is unlikely to receive a cash bonus for last year. The bank, which is majority-owned by the taxpayer, is instead thought to be offering the chief executive shares in the bank and could defer the reward for several years, in accordance with new European bonus rules. Hester is eligible for a [...]
Brussels is calling the shots over banker payouts January 9, 2011 MUCH of the rhetoric surrounding bankers’ bonuses is just that: rhetoric. David Cameron yesterday said that he didn’t want to micromanage British banks, a sentiment that should be welcomed, but the truth is that politicians in Brussels – not Britain – really call the shots when it comes to variable remuneration. For the Committee of European [...]
Diamond set to receive a smaller bonus January 9, 2011 BARCLAYS’ new chief executive Bob Diamond is preparing to receive a pared down bonus for 2010, despite heading up the bank’s investment banking arm last year. While an investment banking bonus would normally be around £15m-£25m, Diamond is likely to get more of a chief executive’s bonus, in the £6-£10m range, despite only just taking [...]
No deal on pay transparency January 9, 2011 THE government is unlikely to win concessions on pay transparency for banks but will instead secure a promise to increase lending to small and medium-sized businesses. Despite a campaign by some politicians, who have called for banks to reveal how many employees receive over £1m in pay, divisions among banks make it unlikely that an agreement [...]
Goldman to take £1m cap off London awards after 2010 cuts January 9, 2011 GOLDMAN Sachs is said to be planning a bonus round of $13bn (£8.4bn) this year, a drop on last year’s pool to reflect an anticipated fall in profits. The bank, which employs 35,000 people globally, imposed a £1m cap on bonuses for its London employees last year, but is not likely to keep the limit in [...]
Leading firms to pledge jobs January 9, 2011 TOP British business leaders will today pledge to create thousands of jobs in the UK. The heads of leading British firms will meet today with Prime Minister David Cameron at Downing Street to discuss job creation in the private sector. Representatives from supermarket giants Asda, J Sainsbury, Tesco and Wm Morrison will join Marks and [...]
Duke Energy in talks to take over rival Progress for $13bn January 9, 2011 AMERICAN power company Duke Energy is in talks to acquire rival Progress Energy in a deal worth more than $13bn (£8.4bn), it is understood. The takeover is expected to be a stock-based deal at a modest premium to Progress’ current market value of $13.1bn. The companies could announce a deal as soon as today before [...]
Liberal Democrats set for huge defeat in Oldham, polls suggest January 9, 2011 THE LIBERAL DEMOCRATS could face a crushing defeat in this week’s parliamentary by-election, two opinion polls published yesterday show. Support for Nick Clegg’s party trails Labour by 17 points in the marginal seat of Oldham East and Saddleworth in polls for two national Sunday newspapers. Thursday’s vote in the Greater Manchester constituency is viewed as [...]
