South West Water facing Ofwat probe into leakage data accuracy Not a drop to drink The water watchdog is set to probe the accuracy of leakage data from one of England’s biggest providers. Ofwat will investigate South West Water (SWW) over the accuracy of its information on water consumption and leakages, in the wake of an apology from firms over sewage issues. Owned by the FTSE 100 listed Pennon Group, [...]
Silicon Valley Bank UK paid out £15m in bonuses to top execs just days after HSBC rescue deal Silicon Valley Bank Silicon Valley Bank’s UK arm handed out over 15 million pounds ($18 million) in bonuses days after its rescue deal this week by HSBC, Sky News reported on Saturday. Payouts to staff including senior executives were signed off by HSBC earlier in the week, the report said, adding that the bonuses would not have been paid this week if SVB UK had [...]
Bankers’ bonus cap was not working, UK banking regulator says BANKING The imposition of the bankers’ bonus cap has had “precisely the opposite effect” to what regulators intended, the head of the UK’s main banking regulator said today, as he sought to defend the government’s decision to scrap the cap. Sam Woods, head of the Prudential Regulation Authority (PRA), said that while scrapping the bonus cap [...]
Cash-strapped Credit Suisse considers halving its bonus pool following £1.7bn loss January 11, 2023 Credit Suisse is considering cutting its bonus pool by 50 per cent as the embattled investment bank seeks to cut costs, Bloomberg has reported. The Swiss asset manager faced a challenging 2022 when its share price sunk 67 per cent. In the nine months to September 2022, Credit Suisse swung to a pretax loss of [...]
City bosses more Santa than Scrooge this Christmas as it rains parties, presents and bonuses in London November 30, 2022 Despite economic difficulties, London bosses are still planning to give their staff Christmas parties, presents, or bonuses. London employers appear to be going bigger on bonuses, with 56 per cent of London staff expecting a Christmas bonus, compared with just 23 per cent of those in both the South East and South West, and only [...]
Former City minister: Scrapping bonus cap could have waited ‘a little longer’ September 27, 2022 John Glen, the former City minister, has said the decision to scrap the bankers’ bonus cap should have waited amid a cost of living crisis. Glen told the Following the Rules podcast that the removal of the cap, announced last week by new Chancellor Kwasi Kwarteng, “was something that I would have deferred for a [...]
Govt defends unlimited City bonuses: ‘Finance jobs should be in London, not in New York or Paris’ September 26, 2022 The government defended its intention to lift the bankers bonus cap this morning, saying it wants to protect and attract job creation in the City and Canary Wharf, rather than other finance hubs taking over. “We want finance jobs to be here, to be in London, not in New York or Paris,” said Work and Pensions [...]
Scrapping bankers’ bonus cap is only a signal, but it is a signal nonetheless September 21, 2022 AN UNPOPULAR politician is usually a short-lived phenomenon. It appears Liz Truss is hoping that by the time the impacts of her unpopular decisions will be felt, the benefits will be so obvious the electorate will forget their initial teeth-gnashing. She may well be right. Even this column would accept that removing the bankers’ bonus [...]
Bird & Bird hands staff £1,000 each to deal with UK’s cost-of-living crunch July 5, 2022 London law firm Bird & Bird is set to pay £1,000 bonuses to more than 300 of its staff to help them deal with the cost-of-living crisis. The law firm said it will give £1,000 “cost of living allowance” payments to all employees who earn less £50,000 per annum this month, to help them manage [...]
Lloyds Bank to pay staff extra £1,000 each to deal with UK’s cost-of-living crisis June 13, 2022 Lloyds Bank is set to pay £1,000 bonuses to the vast majority of its UK staff to help them deal with the cost-of-living crisis. The UK’s biggest retail bank is set to give one-off, £1,000 bonuses to more than 64,000 of its rank-and-file staff, according to an internal memo seen by City A.M. The bank [...]