As RBS reports a £3.5bn loss, is George Osborne right that senior executives should not get bonuses? February 26, 2015 Steve Davies, education director at the Institute of Economic Affairs, says Yes The question is not whether bonuses are the correct way to remunerate people. It is whether RBS should be making such payments when the bank is incurring serious losses. Clearly, the answer should be no. When a business is in financial straits, the [...]
Rothschild eyes pre-election bonus payouts to avoid Ed Balls tax February 23, 2015 Financial giant Rothschild is considering whether to hand out 2014 bonuses to staff early in order to avoid potential taxes that could be brought in if Labour wins the election. Shadow chancellor Ed Balls has promised to introduce a £1.5bn to £2bn tax on bonuses during its first year in office to fund a “jobs [...]
UK investment bank Rothschild could pay bonuses early in case Labour wins February 22, 2015 UK investment bank Rothschild is weighing up paying staff bonuses early, in order to avoid new taxes that could be brought in if Labour wins the general election. The Financial Times spoke with two sources “familiar with the bank’s thinking” and revealed the banks could pay bonuses to its 1,000 London staff before the traditional [...]
HSBC under pressure to lower bonuses following tax dodging inquiry February 21, 2015 Top executives at HSBC are being encouraged to waive their bonuses for the year, following allegations the bank abetted tax dodging clients. Shareholders, politicians and large sections of the media will place the bank’s bonuses under intense scrutiny when its annual reports are released on Monday. According to the Financial Times, shareholders [...]
Bonuses down despite strong year for Britain’s biggest banks February 19, 2015 Payouts for top bankers have taken a tumble so far this year, according to industry data seen by City A.M., as the bonus cap combined with investor and political pressure takes its toll. Preliminary data from pay benchmarking site Emolument.com shows bonuses for front office staff falling precipitously this year compared with last year’s pay [...]
In charts: Bonuses help push UK wage growth up to 2.1 per cent as unemployment falls February 18, 2015 The UK’s unemployment rate tumbled to 5.7 per cent between October and December, while growth in pay rose to its highest since 2013, according to "corking" figures published by the Office for National Statistics today. Pay leapt 0.4 percentage points to 2.1 per cent including bonuses, but slowed to 1.7 per cent excluding bonuses. The [...]
Ocado delivers first profit of £7.5m but cuts bonuses by 40 per cent February 12, 2015 Grocery delivery service Ocado reported its first profit yesterday, of £7.5m for 2014, up from the £5.1m loss in 2013, although top executives had their bonuses slashed by around 40 per cent. Executive directors only reached half their targets, resulting in total bonuses paid dropping nearly £800,000 compared to 2013 totals. Group sales went up [...]
Mike Ashley’s Sports Direct faces million-pound claim over bonus scheme which excluded zero-hour contracted staff February 3, 2015 Mike Ashley’s Sports Direct faces legal claims over its bonus scheme from hundreds of staff working at its stores which could run into millions of pounds. Nearly 300 workers on zero-hours contracts were excluded from a bonus scheme which gave around 2,000 staff who were permanently employed a windfall share of £160m worth of shares [...]
European Central Bank eyes bankers’ bonuses and share options January 29, 2015 The European Central Bank (ECB) has cast its eye over bankers' bonuses and share options, saying banks should pay more attention to their capital ratios when they dole out this kind of variable remuneration. In its relatively new role as the Eurozone's chief bank adviser, the ECB said it would "thoroughly examine" banks' policies regarding [...]
How much are Tim Cook and Apple’s top executives paid? Salary and bonuses rise after 2014 share price highs January 23, 2015 Tim Cook got a pay rise for the first time in three years, while the bonuses of Apple’s senior executives soared as shares in the tech company hit an all-time high last year Cook boasted a $2m (£1.3m) salary last year, a $6.7m bonus and £774m in other compensation, bringing his total remuneration to $9.2m, [...]