Bank's £2bn bonus pot to rekindle City pay controversy

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Bank’s £2bn bonus pot to rekindle City pay controversy

Retail Banking

Bank’s £2bn bonus pot to rekindle City pay controversy
Controversy over City bonuses will be reignited this week when Barclays admits it paid its staff more than last year, fuelling predictions that the amount of bonuses paid out across the Square Mile since the 2008 crisis could soon hit £80bn.
The Guardian, p. 17
Also appeared in : The Times, p.37, The Times, p.38, The Times, p.41, City AM London, p.15, The Daily Telegraph Business, p.7, Financial Times

Barclays investigates ‘data theft
Barclays bank is investigating claims from the Mail on Sunday that details from thousands of customers’ accounts were stolen and sold to rogue traders. The newspaper has stated that the data leak was exposed by an anonymous source who passed the newspaper a memory stick containing files on 2,000 of the bank’s customers.
The Times, p. 2
Also appeared in : City AM London, p.3, The Independent, p.51, International New York Times, p.14, The Guardian, p.17, Financial Times, p.4, Independent i, p.40, International New York Times, p.1

Pensions & Life Assurance

Document reveals plan to privatise pensions
DWP documents seen by The Guardian show that the government is considering privatising the delivery of the state pension as a means of reducing overheads.
The Guardian, p. 9
Also appeared in : Independent i, p.9, The Daily Telegraph, p.2

Mortgages & Residential Property

Mortgage revival set to leave business lending in its wake, warns think-tank
The long-awaited revival in business lending will not be as strong as expected because only half of the declines of last year will be recovered over the next 12 months, the EY ITEM Club has warned. The think-tank’s report suggests that “prudent” lending practices by banks are likely to prevent a return to the lending levels seen before the global financial crisis struck six years ago.
The Times, p. 40
Also appeared in : City AM London, p.12, The Times, p.37

Round Up

Companies and Markets, p.26

Economists expect Carney to lower unemployment target
The strength of Britain’s recovery has taken the Bank of England by surprise and will force Mark Carney to drop his unemployment threshold this week, economists are predicting.
City AM London, p. 9
Also appeared in : The Guardian, p.20, Financial Times, p.2, The Daily Telegraph Business, p.4, Financial Times Companies and Markets, p.26

New banking watchdog to be headed by outsider
Tomorrow, former head of the CBI Sir Richard Lambert is expected to call for the appointment of a chairman from without the industry to lead the new banking professional standards body.
The Daily Telegraph Business, p. 3
Also appeared in : City AM London, p.2

TSB uses the small screen to deliver a clearer picture
TSB Bank will try to distance itself from the casino-banking image associated with parts of the sector and the financial crisis by advertising on television for the first time today.
The Times, p. 42
Also appeared in : The Daily Telegraph Business, p.3

Let weak banks fail, says new regulator
Danièle Nouy, head of the Single Supervisory Mechanism, has warned that some of the region’s lenders have no future and should be allowed to die.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1
Also appeared in : Financial Times, p.5

Former City watchdog wants curbs on lending to avert another crash
Lord Turner, the former head of the FSA, has called for 1950s-style credit controls to avert a repeat of the last banking crisis. He also wishes to see an end to the “myth” that credit is mainly extended to finance new business investment.
The Guardian, p. 2

Thousands of rogue bankers sacked since financial crisis
Figures released by the Financial Conduct Authority have revealed that almost six thousand bankers, brokers and financial advisers in Britain have been sacked or suspended for dishonest or reckless conduct since the start of the financial crisis. While the expulsion rate last year was down from 2012, when the Libor cheating scandal erupted, it is still higher than at the start of the financial crisis.
The Times, p. 2

Chinese crackdown felt abroad as bank urges delay on credit lines
China’s vast development bank has begun asking some international clients to postpone drawing down previously committed credit lines.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Police tackle cyber criminals using approach adopted to fight terrorism
A new partnership between the City of London Police and UK banks is estimated to have prevented the theft of £174mn by hackers.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Italy rejects ‘bad bank’ over credit rating fears
Italy has rejected the idea of setting up a ‘bad bank’.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 5

Banks face forex legal battle
A class action suit has been launched against a number of banks in the US in light of the alleged FOREX manipulation issue.
This abstract from the Financial Times was produced by Kantar Media
Financial Times FT fm, p. 1

Fund assets on track to hit $100tn by 2020
PwC has suggested that banks are facing focused competition from investment managers.
This abstract from the Financial Times was produced by Kantar Media
Financial Times FT fm, p. 3

Changing the soul of RBS
Ross McEwan, the CEO of RBS, argues that he is doing his best to change the culture at the bank.
The Guardian, p. 24

The above articles appeared on 10.02.2014. Reproduced with the kind permission of Kantar Media UK. All rights reserved.

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