Barclays prepares to pay new chief a seven-figure bonus

Charterbridge

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Barclays prepares to pay new chief a seven-figure bonus

Barclays prepares to pay new chief a seven-figure bonus
Barclays is preparing to hand its chief executive Antony Jenkins a bonus of at least £1m for 2012 – a year when the bank was fined £290m for its part in the Libor-rigging scandal and set aside £1bn for mis-selling payment protection insurance. The award of “a seven figure sum” to Jenkins has been discussed with the bank’s major shareholders by Sir John Sunderland, the head of the Barclays remuneration committee. He will today face a grilling from MPs and peers on the banking standards commission over the bank’s pay policies.
The Guardian, p. 4
Also appeared in : The Times, p.15

Relax rules to salvage pensions, MPs told
Mark Hyde Harrison, chairman of the National Association of Pension Funds, has warned the Government that it should relax rules urgently to mitigate some of the damage done to pension funds by Bank of England money-printing and ultra-low gilt yields. Ros Altmann, the director-general of Saga, told the Treasury Committee that the Bank’s money-printing programme had been a “monumental mistake” because it was driving down returns on savings accounts and acting like a tax increase on older people.
The Times, p. 34
Also appeared in : The Guardian, p.22, The Daily Telegraph Business, p.8

RBS resists criminal liability over Libor-rigging
RBS is under pressure to plead guilty to criminal charges as part of a settlement with the US authorities over its alleged involvement in Libor-rigging.
The Daily Telegraph Business, p. 1
Also appeared in : The Independent, p.6-7, The Times, p.34

RBS set to pull out of M&A market
RBS is winding down its M&A business after failing to secure a buyer for the division, which pulled in $436m in fees at its zenith six years ago.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

PPI mis-selling complaints reach 11,000 a week
Complaints of Payment Protection Insurance mis-selling have risen to 11,000 a week, according to the Financial Ombudsman Service.
The Daily Telegraph Business, p. 4
Also appeared in : The Daily Telegraph Business, p.5

Bank worker denies fraud
A NatWest bank customer adviser helped siphon more than £650,000 from two accounts, Southwark Crown Court was told.
The Daily Telegraph, p. 6

Labour demands extra tax on bonuses
Chris Leslie, the shadow City minister, yesterday urged ministers to impose an extra tax on bankers.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Banks see a surge in forex trading
Banks are seeing increased interest in forex trading as sharp falls in the Japanese yen, Swiss franc and UK pound have brought investors back.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 30

Brussels hints at ringfence retreat
Brussels has indicated a retreat from plans to force European lenders to build barriers around their entire securities trading operations, as policy makers concentrate on stimulating growth.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Ernst & Young in the clear over Lehman auditing
Ernst & Young will not face punishment for its auditing of Lehman Brothers’ European arm.
The Daily Telegraph Business, p. 4
Also appeared in : Financial Times Companies and Markets, p.16, The Independent, p.53

Britain given £342m tax from Swiss accounts
Britain has received a first payment of £342m of tax due on Swiss bank accounts as part of a deal expected to raise about £5bn over the next six years.
The Daily Telegraph Business, p. 1

Wall St bank chief nets £37m pay deal
Richard Handler, head of US investment bank Jefferies, has been given a pay package of $58m (£37m) in a move that makes him among the best paid on Wall Street.
The Daily Telegraph Business, p. 5

The above articles appeared on 30/01/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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