Barclays claws back £300m in staff bonuses to placate shareholders

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Barclays claws back £300m in staff bonuses to placate shareholders

Barclays claws back £300m in staff bonuses to placate shareholders
Barclays has clawed back up to £300m in bonuses paid to staff, after being fined for Libor-rigging and paying out millions for the mis-selling of payment protection insurance and interest rate swaps.
The Guardian, p. 28
Also appeared in : The Daily Telegraph Business, p.4, Financial Times Companies and Markets, p.17

Negative rate plan attacked by societies
Building society chiefs warned yesterday of reduced returns to Briton’s savers if negative interest rates were used by the Bank of England.
The Times, p. 8

Companies stick to pension age
According to the survey of more than 300 human resources managers, a fifth of employers still have a fixed retirement age despite the coalition’s abolition of default retirement at the age of 65, putting them at risk of being sued for age discrimination.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 4

Aviva flogs its Russian interests
Aviva has sold its life and pensions operations in Russia to a non-state pension fund in a deal worth €35m (£30m).
Independent i, p. 42

Barratt bounces amid mortgage initiative
Barratt Developments has announced soaring profits and its best start to the year since 2007 as government schemes to improve access to mortgages energised Britain’s sluggish housing market.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 24
Also appeared in : The Times, p.43

Lloyds ready to sever its European cash lifeline
Lloyds Banking Group is to begin paying back €10 billion of cheap loans from the European Central Bank today, in the latest sign that the company is returning to health.
The Times, p. 41

Lloyds to sell off hotels in £360m deal
Lloyds Banking Group is in line for a £300m–plus boost after it agreed the sale of a portfolio of 23 hotels acquired in its takeover of troubled lender HBOS.
The Daily Telegraph Business, p. 3

Dutch taxman investigates sale of RBS chiefs home
Royal Bank of Scotland is under investigation by the Dutch tax authorities over a deal that saw it pay €4.9m (£4.3m) to buy the Amsterdam home of outgoing investment banking chief John Hourican.
The Daily Telegraph Business, p. 5

FSA boss slams ‘computer game’ mentality of bankers
Lord Turner, outgoing chairman of the Financial Services Authority, yesterday hit out against the “computer game” mentality of the trading floor and outlined a plan to encourage more new banks by cutting the amount of capital they need to hold. He made the remarks as he and Martin Wheatley, who will run the new financial conduct authority when the FSA closes, were urged to “get a grip” on the payment protection insurance scandal, which has cost the industry more than £10bn.
The Guardian, p. 30
Also appeared in : Financial Times, p.1, The Daily Telegraph Business, p.1, The Independent, p.57, The Times, p.41, Financial Times, p.3, Financial Times Companies and Markets, p.18, Independent i, p.43

Esure buyout team hits the road to a stock market listing
Esure yesterday confirmed its long-awaited plans to launch on the stock market, floating a stake of between 35 and 50 per cent in an offer its backers believe should value the equity at a minimum of £1bn.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 23
Also appeared in : Independent i, p.40, The Times, p.44, The Guardian, p.29, The Independent, p.56, The Guardian, p.30, The Daily Telegraph Business, p.5, The Times, p.40

EU poised to unveil revamped banking rule book
It is reported that last night, the EU was on the brink of an agreement to bring the so-called Basel III capital rules to the world’s biggest commercial market – or, at least, Europe’s interpretation of that global accord.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 7

Thousands back tax transparency
Nearly 200,000 people have signed a petition calling on European Union finance ministers to force banks to reveal how much tax they pay and the profits they generate in individual countries. Banks are currently only obliged to disclose how much tax they pay in total, rather than how much tax they pay in the individual countries in which they operate.
The Guardian, p. 32

Bonus cap agreed
European Union officials last night agreed a package of financial laws that includes a cap on bankers’ bonus payments. The bonus limit of 100% of salary has been opposed by the UK.
The Guardian, p. 28

Debtors seek help as payday loans soar
The number of people calling the National Debtline for help with payday loans nearly doubled to 20,000 last year, new figures have shown.
The Daily Telegraph Business, p. 5

Credit Suisse faces bonus bind
Credit Suisse may reportedly be forced to overhaul its radical bonus scheme because it risks falling foul of the very same tough new Basel III capital rules the pay awards were designed to help the bank comply with.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 22

Standard Life. buys private client business for £83.5m
Standard Life has acquired the private client division of Newton Management for £83.5m.
The Daily Telegraph Business, p. 4

Ireland confident of help
The Irish Finance Minister has expressed confidence that the country will win significant support from Europe’s €500 billion bailout fund to help to tackle its banking debts.
The Times, p. 41

Campus bans payday loans
Payday loan companies have been banned from a university campus following fears that students have been turning to prostitution to pay off their debts.
The Daily Telegraph, p. 5

The above articles appeared on 28/02/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.