UK
Six directors sign in to the Tesco Millionaires Club
The payouts are bound to anger suppliers, especially farmers, who have complained their margins are being squeezed by the all-powerful supermarket groups. While three directors received more than 1m in salary and bonuses alone, millionaires were made of three others after including gains on share options. Terry Leahy, chief executive, had 1.6m in salary, benefits [...]
Bischoff nets $10m payout
Sir Win Bischoff, chairman of Citigroup Europe, is being paid a $10m (€11.1m) package over three years as part of his lock-in agreement with the giant US financial institution, following its acquisition of Schroders last April. The payout is in addition to the 5m (€8m) payoff from Schroders – a cash bonus to reward him [...]
Adapt or lose, says parable
Anyone who is puzzled by the reference to dairy produce has clearly not read the bestseller Who Moved my Cheese?, an allegorical book that aims to help employees deal with change. It has already proved popular in banking circles and looks more relevant than ever now that the sector is in a slowdown and change [...]
Lazard chairman resigns
David Verey has resigned suddenly as chairman of Lazard in London after 30 years, and has left the firm with immediate effect. Verey, who joined Lazard in the stocks department in 1972, said: "I have loved my time at Lazard and it is now time for me to seek pastures new. I look forward to [...]
Longbridge profits soar on Asia recovery
It said improved market conditions in Asia had benefited its Hong Kong office. It had also expanded its operations in continental Europe and the UK. Turnover for the year ended December 31, 2000, rose 50% to 11.7m. Longbridge is listed on the Alternative Investment Market of the London Stock Exchange. The company noted that growth [...]
Jobs and profits threatened at ABN Amro
The Dutch bank also warned that more investment banking jobs would go if markets weakened. Pointing to the US economic slowdown and a flatter yield curve affecting its interest income in Europe, the bank said that if these conditions prevailed for the rest of the year, it would be a challenge to equal the record [...]
Jupiter offers incentives to curb manager exodus
The major new incentive scheme revealed by Bonham Carter, joint chief executive at the UK investment house Jupiter, will allow staff to earn up to a 25% equity interest in the increase in Jupiter’s value as well as a share in annual profits All 44 Jupiter fund managers as well as over 300 of the [...]
Trouble managing? Hire a coach
Delighted, the Frankfurt-based Mr. Osenegg said. But on one condition: that he could have an executive coach. Although he knew he was a promising employee, he also recognized that at age 31 he was relatively untested. "So I wanted someone who would help me gain management experience," Mr. Osenegg says, "in an efficient manner." Now, [...]
Lehman to hire around 300 in Europe
Lehman Brothers, the US investment bank, is preparing to hire around 300 staff in Europe over the next 12 months, as it looks to recruit as many as 1,000 personnel globally. Richard Fuld, chairman of Lehman Brothers, said he wants to boost the headcount for the bank by between 500 and 1,000 globally. Fuld was [...]
Harvey Glynne expands headhunting team
The firm has appointed Marcus De Luca as a director from the financial recruiter, Longbridge. He will be responsible for building a project and structured finance search business. De Luca built Longbridge’s project finance business four years ago. Harvey Glynne has also appointed Alan Cutts to assist in further developing the asset management business. Cutts [...]
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