Barclays bank set to increase staff salaries
Barclays bank is headed for controversy as the UK government and regulators watch over the bank with news that staff salaries at Barclays Capital Investment will be increased across the board and backdated to June 2009. This is a direct response to the UK government's attempt to limit bonus payments in the short to medium term although this does not mean that Barclays Capital Investment will not be paying bonuses as well!
Information has been leaked from the company by those "familiar" with the situation and it would appear that the story does stack up and is likely to be confirmed in the days and weeks ahead. This would be another unwelcome distraction for the UK government amid signs that various attempts to limit salaries and bonuses within the financial sector are falling on deaf ears. It seems the louder the UK government and the UK regulators shout the more money appears to be pouring out of banking operations in the UK towards their staff.
This comes just 24 hours after the Royal Bank of Scotland, a company majority-owned by the UK government, expressed concerns about limiting bonuses amid the possibility of losing high income producing staff in the short to medium term.
Share this..
Related stories
UK manufacturing orders remain weak
A survey by the CBI has today confirmed what many in the market had feared, that manufacturing levels are set to move even lower in the short to medium term. This is despite a large devaluation in sterling, which would in normal times have seen an increase in export opportunities amongst the U.K.'s manufacturers. The very fact this increase has not materialised as yet is a major concern as is the...
Read MoreBarclays bank ridicules UK government remuneration guidelines
Barclays Bank, or to be more precise 45 bankers from Barclays Bank, are set to ridicule the UK government's banking remuneration guidelines of the future. The 45 in question have set up a company in the Cayman Islands over which the UK government has no jurisdiction, in order to manage Barclays Bank's toxic debt. So what exactly is going on?
In a smart piece of financial wizardry, B...
Up to 50,000 council homes may be occupied by fraudsters
As the UK government gets set to invest a significant amount of money into council housing up and down the UK, a report by the audit commission suggests that a massive 50,000 council homes could well be occupied by fraudsters. The audit commission released a rough estimate calculating around £200 million of the £18.5 billion payout each year in housing and council tax benefits may well be fraudu...
Read MoreUK homeowners better off than 12 months ago
A report by the Halifax claims that the average UK household is today 11% better off in cash terms than just 12 months ago. However, with more people around the country struggling to make their budget stretch this will come as a surprise although apparently it is quite literally down to the reduction in mortgage rates.
Those with tracker mortgages or variable rate mortgages, which h...
CBI banks on recession turn around next year
The Confederation of British Industry (CBI) has today suggested that the worst of the UK recession is now over although those looking for a sharp turnaround could well be disappointed. While the CBI report has been well received by investors, there is a suggestion that we will see no marked recovery in the UK economy until this time next year.
As we covered in one of our earlier pos...