"He also said he would tackle ""vested interests"", citing energy and rail companies. Following the announcement in late January 2012 that the chief executive officer of the nationalised Royal Bank of Scotland, Stephen Hester, would receive a bonus worth £950,000, Miliband called the amount ""disgraceful"", and urged David Cameron to act to prevent the bonus. Cameron refused, saying it was a matter for the RBS board, leading Miliband to announce that Labour would force a Commons vote on whether or not the government should block it. Hester announced that he would forego his bonus, and Miliband said Labour would carry"
"paid an annual salary of £1.1million by RBS. Alongside this, he took home £1.5m in bonus and pension payments in 2010. In 2012 he was offered a bonus of just under £1 million, but following some considerable pressure from politicians and the public, he declined the bonus. Later in 2012, in June, he declined his bonus for the following year after RBS' computer problems. In December 2009, the board of RBS, in which the British government had an 84% stake, threatened to resign unless they were permitted to pay bonuses of £1.5bn to staff in its investment arm. The matter"
"January 2009 – a month before RBS announced that its 2008 loss totalled £24.1 billion, the largest annual loss in UK corporate history. From January 2010, he was employed as a senior adviser to RMJM, an international architecture firm. He left the position after less than a year. Goodwin was knighted in 2004 for his services to banking, but in a highly unusual move the honour was annulled by the Queen on 1 February 2012. The Cabinet Office explained ""The scale and severity of the impact of his actions as CEO of RBS made this an exceptional case."" Born in"
"they feared Mr Hester and much of the board would have quit if the payment had been vetoed by the government as the majority shareholder. Hampton made the decision to turn down his £1.4m bonus before the uproar over Stephen Hester's bonus. Philip Hampton Sir Philip Roy Hampton (born 5 October 1953) is a British businessman, and the current chairman of GlaxoSmithKline. Originally he joined RBS as the deputy chairman on 19 January 2009 and was promoted to chairman on 3 February the same year. He has previously held the chairman role at J Sainsbury plc, parent company of the"
"2013. It was expected that he would move the bank away from investment banking and reduce its international exposure, to focus more on UK retail banking. In February–March 2014, McEwan attracted press coverage for his view that ""free banking"" (no current account charges for customers in credit) would have to end sooner or later, and that this would in turn lead to greater transparency from the banks about how they funded their operations. On 25 February 2015, RBS announced that McEwan would forgo a share award worth £1m saying that he did not want his pay package to ""be a"
"government increased its stake in the company from 70% to 84%. In December 2009, the RBS board revolted against the main shareholder, the British government. They threatened to resign unless they were permitted to pay bonuses of £1.5bn to staff in its investment arm. More than 100 senior bank executives at the Royal Bank of Scotland were paid more than £1 million in late 2010 and total bonus payouts reached nearly £1 billion – even though the bailed-out bank reported losses of £1.1 billion for 2010. The 2010 figure was an improvement on the loss of £3.6 billion in 2009"
"their own NO NEW COAL AWARDS at the same hotel at the same time. The UK COAL AWARDS decided to cancel their event, costing them at least £5000, and relocate to another venue. The Landmark Hotel pledged never to hold the award ceremony again. Climate Rush Closes RBS HQ, 5 March 2009 In the week when Fred the Shred, CEO of a nationalised Royal Bank of Scotland, refused to give up his £16 million pension, Climate Rush decided to hold a party outside RBS HQ. The Royal Bank of Scotland prides itself on being ‘the oil and gas bank’, investing"
"and the record-breaking £24bn loss in 2008. The bonuses for staff in 2010 topped £950 million. The CEO Stephen Hester got £8 million in payments for the year. Len McCluskey, the general secretary of Unite the Union, said: ""Taxpayers will be baffled as to how it is possible that while we own 84% of this bank it continues to so handsomely reward its investment bankers."" In October 2011, Moody's downgraded the credit rating of 12 UK financial firms including RBS blaming financial weakness. In January 2012, there was press controversy about Hester's bonus—Hester was offered share options with a total"
"the last quarter of 2008 and the early part of 2009. Criticisms have been voiced about his tax status. Sources said that Daniels had legitimately kept his non-dom status when he joined the board of Lloyds TSB in 2001. He did not receive an expected bonus of £2.3 million in 2010, following the announcement of a further £6.3 billion loss by Lloyds TSB under his leadership. In February 2012, he was forced to surrender up to £700,000 of a £1.45m bonus, after the mis-selling of PPI credit insurance to customers. Eric Daniels John Eric Daniels (born August 14, 1951) is"
"spent £200m on celebrity endorsements also went down badly. In February 2009 RBS reported that while Fred Goodwin was at the helm it had posted a loss of £24.1bn, the biggest loss in UK corporate history. His responsibility for the expansion of RBS, which led to the losses, has drawn widespread criticism. His image was not enhanced by the news that emerged in questioning by the Treasury Select Committee of the House of Commons on 10 February 2009, that Goodwin has no technical bank training, and has no formal banking qualifications. In January 2009 ""The Guardian""'s City editor Julia Finch"
"creditor to the PLC which was deemed ‘an elegant solution’ for RBS Group PLC by a prominent MP. In 2016 Chris Philp MP included Shareholder Committees in a proposal to the UK Parliament In 2017-18 growing calls from ShareSoc and Manifest director Cliff Weight with founding member Gavin Palmer were made to the Royal Bank of Scotland (RBS). Shareholder requisitions for a resolution were made before year ends in 2016 and 2017. Despite the 163 signatories in 2016, RBS refused to put the resolution forward to the 2017 Annual General Meeting citing unspecified legal reasons. In 2018 The RBS Board"
"has been the CEO of Persimmon since April 2013. As of December 2017, Fairburn has been a director of 305 UK companies. In December 2017, Persimmon's chairman, Nicholas Wrigley, resigned over his role in awarding Fairburn bonus in the region of £100 million. The Persimmon bonus scheme is believed to be the UK's ""most generous ever"", and is scheduled to pay more than £500 million to 150 senior staff from 31 December 2016. As of March 2017, Fairburn agreed to hand back £25 million of the bonus, and set aside a ""substantial portion"" of the sum to charity, bringing the"
"blazing row over the bonuses. There were heated exchanges at a November 2012 Oireachtas finance committee meeting as Boucher would not answer repeated questions, including how much debt the bank had written off on unsustainable mortgages. Independent TD Stephen Donnelly accused Boucher of treating the committee with contempt by not answering questions. Fine Gael TD Kieran O'Donnell said his refusal to answer questions showed a ""lack of moral compass"" and that ""nothing had changed"". Chairman Labour TD Ciarán Lynch said he was being 'minimalist' in his answers and added it was totally unacceptable for Boucher or any banker to hide"
"recapitalising the Group. HM Treasury subscribed for £5 billion in preference shares and underwrote the issuance of £15bn of new ordinary shares offered to RBS shareholders and new institutional shareholders at the fixed price of 65.5p. As a consequence of the mismanagement which necessitated this rescue, the chief executive, Fred Goodwin (who secured the takeover of NatWest), offered his resignation, which was duly accepted. Chairman Sir Tom McKillop also confirmed he would stand down from that role when his contract expired in 2009. Goodwin was replaced by Stephen Hester, previously chief executive of British Land. In 2009 the RBS Group"
"the most arrogant figures in the City'. The share price, when he became CEO of RBS, in January 2001, was 442p. After reaching £18 a share (equivalent to £6 per share after each share was split into three in May 2007), on the day of his departure it was announced that the share price was 65.70p reflecting share buybacks, rights issues as well as market valuation. Despite these developments, the ""Daily Telegraph"" insisted that ""his grasp of finance is in the Alpha class"" and that he was ""unlikely to be in the growing queue of jobless bankers"" for long. In"
"value of £963,000 that would be held in long-term plans, and only paid out if he met strict and tough targets. If he failed to do this, it would be clawed-back. The Treasury permitted the payment because they feared the resignation of Hester and much of the board if the payment was vetoed by the government as the majority shareholder. After a large amount of criticism in the press, news emerged of Chairman Sir Philip Hampton turning down his own bonus of £1.4 million several weeks before the controversy. Hester, who had been on holiday in Switzerland at the time,"
"by Roger Weatherby. In December 2017, Wrigley resigned as chairman of Persimmon plc over his role in awarding Jeff Fairburn, the CEO, a £128 million bonus. The Persimmon bonus scheme is believed to be the UK's ""most generous ever"", and is scheduled to pay more than £800m to 150 senior staff from 31 December 2016. Wrigley is married to Venetia, they live in Ganton, North Yorkshire, and have two daughters and one son. Nicholas Wrigley Nicholas Hugh Tremayne Wrigley (born 22 March 1955) is a British merchant banker and businessman, and the former chairman of Persimmon plc. Wrigley was born"
"In addition, the Queen and Prince Charles were sympathetic to Goodwin and concerned about the implications of the annulment, as Goodwin had been a good custodian of their charities and served quietly after his departure from RBS. Other awards received by Goodwin include: Fred Goodwin Frederick Anderson Goodwin, FRSE, FCIBS (born 17 August 1958) is a Scottish chartered accountant and former banker who was Chief Executive Officer (CEO) of the Royal Bank of Scotland Group (RBS) between 2001 and 2009. From 2000 to 2008, he presided over RBS's rapid rise to global prominence as the world's largest company by assets"
"had a 27 percent pay rise that year. By November 2014, UK Asset Resolution under Banks had repaid £4bn to the British government out of its original £16bn loan, assets were down from £110bn to £66bn and mortgage arrears were down to 6 percent. This performance led the ""Evening Standard"" to ask if he was ""Britain's best banker"". Banks was appointed Commander of the Order of the British Empire (CBE) in the 2016 Birthday Honours for services to taxpayers. Richard Banks (banker) Richard Lee Banks CBE (born 1952) is a British banker who is Chief Executive of UK Asset Resolution,"
"Brian Bannatyne won the National HR Managing Director of the Year award. An annual in-house award ceremony to commemorate the work of their staff called The Glitzies was previously held. Awards like Advisor of the Year and Team of the Year were available to staff. The event no longer takes place under Kura. In 2007, the BBC were investigating credit card fraud within the UK and were making a programme called ""The billion pound bank robbery"". They sent an undercover reporter into the company and gathered customers' information including bank details. The BBC approached ""Response"" with their findings and they"
"Fred Goodwin Frederick Anderson Goodwin, FRSE, FCIBS (born 17 August 1958) is a Scottish chartered accountant and former banker who was Chief Executive Officer (CEO) of the Royal Bank of Scotland Group (RBS) between 2001 and 2009. From 2000 to 2008, he presided over RBS's rapid rise to global prominence as the world's largest company by assets (£1.9 trillion), and fifth-largest bank by stock market value and its even more rapid fall as RBS was forced into effective nationalisation in 2008. On 11 October 2008, Goodwin officially announced his resignation as chief executive and an early retirement, effective from 31"
"total payout to £75 million. In October 2018, he walked off camera during a BBC Look North interview, after being asked about his £75m bonus. His parting words to the reporter were, ""I think that's very unfortunate actually that you've done that."" Fairburn drives a Range Rover, enjoys Formula One racing, and his holiday destination of choice is Florida. Jeff Fairburn Jeffrey Fairburn (born 22 May 1966) is a British businessman, the ex-chief executive (CEO) of Persimmon plc, a British housebuilding company and constituent of the FTSE 100 Index, since April 2013. Jeffrey Fairburn was born on 22 May 1966."
"July 2011, saying that the public were not given sufficient warning. In January 2011 Ruffley interrogated bankers appearing before the select committee, including Barclays' chief executive Bob Diamond, whom Ruffley asked whether he was ""grateful to the British taxpayer"" for the estimated £100bn of benefit of the 2008 United Kingdom bank rescue package to the wider banking system. Ruffley has opposed the Liberal Democrats' plan to give the government's shares in the partly nationalised Lloyds and RBS to each of the 46 million people on the electoral roll, and called instead for them to be sold to raise money for"
"October 2011, replacing John Denham, who announced his retirement from front-bench politics. Following his appointment, Umunna re-affirmed Labour's commitment to introducing a graduate tax in place of university tuition fees. In January 2012, Umunna joined Ed Miliband and Shadow Chief Secretary to the Treasury Rachel Reeves in calling on PM David Cameron to block a £1.6m bonus for Stephen Hester, the chief executive officer of the publicly owned Royal Bank of Scotland Group. During 2013, Umunna led claims that the Government's valuation of the Royal Mail during its privatisation had effectively ""shortchanged"" the taxpayer, a view supported by the significant"
"bank executives will be frozen and they will not receive performance bonuses. However, it was found in 2013 that payrates at Irish banks increased between 2008 and 2012. Richard Bruton of the then opposition party Fine Gael, responded by calling the recapitalisation plan a ""€7 billion gamble on the wrong horse"". Bank of Ireland chief executive Brian Goggin announced his retirement in January 2009, confessing to RTÉ that his bank has made bad lending decisions. Asked about his expected salary for 2009, Goggin admitted that it would be ""less than €2 million"". Goggin had earned approximately €3 million in the"
"business. Losses from 2009 of €2.5bn effectively wiped out all profits made by the society since its inception as Irish Nationwide. Fingleton received €221k in pay for the final four months of his employment, up to April 2009. This amount, calculated on an annual basis, exceeded the cap of €500k imposed by the Government for top bankers. As the depth of the society's problems became apparent, Fingleton came under public and political pressure to return the €1m bonus. In April 2010 he offered to give it to charity, but this proposal was rejected by the Irish government. As of December"
"in 2017 for misconduct in the course of approving the accounts for the accounting year 2010/11, failing ""to obtain sufficient appropriate audit evidence and [...] to exercise sufficient professional scepticism"". In January 2012, the firm warned of losses ""due to pricing pressures amid a difficult economy"". Raynor, and the firm's chairman Bob Morton, stepped down. Adrian Martin became Chairman, and Chris Merry was appointed CEO in February 2012. At the end of that month, the firm released half year results showing a loss after a £60 million goodwill write off. In the aftermath of the company's administration, former finance director"
"salary. King's annual salary at Sainsbury's was £900,000, coupled with a bonus package between £3-£6million annually. Shortly after joining Sainsbury's, King authorised the removal of the Colleague Christmas Bonus award. ""The Guardian"" reported: ""The new chief executive of ailing supermarket chain J Sainsbury ran into his first controversy yesterday as it emerged that he has been awarded free shares worth more than £500,000 in the same week as he has axed the £100 Christmas bonus paid to staff."" The removal of the bonus was a contentious issue, given its consistent payment for 25 years and also given that this was"
"alleged that Evans had been leading a ""lobbying campaign"" to allow the use of secret evidence in court, and give government ministers ""sweeping powers"" to withhold evidence they deem 'sensitive' from civil court hearings and inquests. Evans was appointed Knight Commander of the Order of the Bath (KCB) in the 2013 New Year Honours for services to defence. Evans was succeeded by Andrew Parker on 22 April 2013. After retiring as Director General, Evans joined the Board of HSBC Holdings as a Non-Executive Director. He is also a non-executive director of Ark Data Centres, a senior Associate Fellow at the"
"a couple created signs warning potential neighbours against buying homes in their Newquay estate, citing multiple faults which Persimmon have, as of 19 July 2018, failed to correct, including patio doors which do not close properly, nails sticking out for their son to discover, and damp and mould resulting from poor plumbing. In October 2018, Persimmon boss Jeff Fairburn received widespread criticism after refusing to discuss the bonus awarded to him the previous year. When the bonus was awarded he said he would forego half his shares: the final bonus which therefore was awarded £75 million. This was the largest"
"of £1 million each in bonuses. Consequently, former CEO Fred Goodwin was stripped of his knighthood in mid-January, and newly appointed CEO Stephen Hester renounced his £1 million bonus after complaints over the bank's performance. 82 percent of Royal Bank of Scotland's shares are now owned by the UK government, which bought Royal Bank of Scotland stock for £42 billion, representing 50 pence per share. In 2011, the shares were worth 19 pence, representing a taxpayer book loss of £26 billion. Historically, the Royal Bank of Scotland stock price went from a high of over 6,900 pence in early 2007"
"15% of his monthly gross income. On August 3, 2009, Bank of America agreed to pay a $33 million fine, without admission or denial of charges, to the U.S. Securities and Exchange Commission (SEC) over the non-disclosure of an agreement to pay up to $5.8 billion of bonuses at Merrill. Rakoff, in an unusual action, refused to approve the settlement on August 5 and then, on September 14, after at least one hearing, rejected the settlement outright and told the parties to prepare for trial to begin no later than February 1, 2010: Judge Rakoff forced Bank of America and"
"in the procession of the transition, Hester would receive 12 months' pay and benefits worth £1.6 million, as well as the potential for £4 million in shares. The RBS stated that, as of the announcement, the search for Hester's successor would commence. Ross McEwan, the head of retail banking at RBS, was selected to replace Hester in July 2013. On 4 August 2015 the UK government began the process of selling shares back to the private sector, reducing its ownership of ordinary shares from 61.3% to 51.5% and its total economic ownership (including B shares) from 78.3% to 72.9%. On"