UK
2.5m for RBS four who won NatWest
Four directors of Royal Bank of Scotland shared more than 2.5m (€3.97m) in special bonuses awarded last March for helping the bank win control of National Westminster. Fred Goodwin, chief executive, was paid 814,000 for his contribution to the defeat of Bank of Scotland’s rival bid, while Sir George Mathewson, executive deputy chairman, received 759,000. [...]
Companies urged to take vote on pay for directors
The Government’s proposal to legislate for improved disclosure of directors’ remuneration has galvanised a group of leading investment institutions to strengthen accountability over boardroom pay packages. Eight leading pension funds and investment managers, controlling more than 5% of the UK stock market, are to write to the chairmen of more than 750 quoted companies on [...]
Fish gets huge bonus
A new candidate for the title of highest-paid employee of a UK bank emerged on Tuesday when Royal Bank of Scotland said its own Larry Fish received nearly 10m last year. Fish runs the Royal Bank’s US arm, Citizens, a business he joined in 1992 when it made profits of 20m (€ It made 349m [...]
Investment banks weigh cuts
So far, investment banks have used the downturn as a convenient excuse to weed out small numbers of bankers who weren’t making the grade. But the depth and length of the US economic slowdown will determine whether this selective surgery will eventually turn into a full-fledged bloodletting. To date in 2001, Goldman Sachs has let [...]
Base salaries ‘little changed’
Base salaries for operations and support staff in fund management and investment banking are little changed from a year ago, according to a survey in London by the recruitment company Banking Additions. ‘The results are mixed,’ says Jim Maddison, regional manager of Banking Additions. ‘Salaries for most posts have drifted up, but for a few [...]
BT cash call could mean Vallance out
Analysts and fund managers, including leading BT shareholders, said that a rights issue was becoming a serious possibility as poor stock market conditions scuppered other means of lowering debt. In order to meet its 10bn debt-reduction target, BT will have to demerge or float assets including its mobiles business, BT Wireless, or sell minority stakes [...]
Michael Page chief earns 2.1m bonus
Terry Benson, chief executive of Michael Page, the recruitment consultancy to be floated on the London Stock Exchange next month, earned 2.4m (€3.77m) last year, one of the fattest corporate pay packets. Benson’s pay was made up of his basic salary of 300,000, plus a 2.1m bonus for performance. From next year, when his company [...]
Morgan Stanley loses round against former executive
The Equal Employment Opportunity Commission, which enforces federal statutes designed to prevent workplace discrimination, said there is reasonable cause to believe that Morgan Stanley violated the civil rights of the former executive, Allison Schieffelin, when the firm fired her last year.
The bankers who are living on borrowed time
The numbers, which reveal the true extent of the slowdown in important areas of investment banks’ business, will raise fears about job cuts in investment banking. The picture is equally gloomy in parts of the equities business, where activity has also slowed to a trickle. According to figures compiled by Thomson Financial, the volume of [...]
Gloom fails to tarnish Beeson Gregory’s joy
Beeson shares rose 22% to 206 1/2p (€3.25) as the company, which floated last spring, reported pre-tax profits for the year to December 31 of 14.3m (€. 22.48m). Turnover was 41.3m. The group’s technology investments portfolio performed strongly, managing a 30% surplus, from a cost of 15.8m to a year-end valuation of 20.7m. The group [...]
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