Business World

Saturday 24 February 2018

Lloyds pays 25 staff over £1m each

BRITAIN'S part-nationalised Lloyds Banking Group paid 25 staff more than £1m (€1.2m) each in 2012, a year in which it set aside billions of pounds to compensate customers mis-sold loan insurance.

The bank said yesterday it paid bonuses worth a total of £365m in 2012, down 3pc on the previous year and the lowest of the big four British lenders.

That equated to an average £3,900 for each of the bank's employees. Bankers' pay has come under intense scrutiny following a year of scandals including interest rate-rigging. (Reuters)

Boards 'need more women'

MORE work needs to be done to ensure women are represented on company boards, according to new research from the Institute of Directors.

The report, 'Women on boards in Ireland: Progress made but obstacles remain', outlines the views of women members of the institute, which has found that while progress has been made in relation to improving gender diversity on boards, women believe that greater transparency in the appointment process is needed to increase the number of women on boards in Ireland.

Compensation nod for IPO glitch

US regulators have approved Nasdaq OMX Group's $62m (€46m) compensation plan for firms that lost money in Facebook's glitch-ridden market debut, a victory for the exchange operator that also set the stage for potential lawsuits from firms seeking more.

The Nasdaq plan will give retail market makers far less than the $500m in estimated losses from Facebook's initial public offering. Nasdaq said in a note to traders that the US Securities and Exchange Commission approved the plan, and that firms had one week to submit requests for compensation. A systems failure at Nasdaq prevented timely order confirmations for many market participants in the midst of the leading social network's initial public offering in May 2012.

Economic crisis 'is far from over'

THE world's economic crisis is far from over and many unexpected "twists and turns" will occur before it can be safely declared over, Bank of England Governor Mervyn King said yesterday.

"Whichever crisis we are talking about, it is far from over. There will surely be many unexpected twists and turns before we can truly say that it is indeed over," Mr King said at the London School of Economics. (Reuters)

Irish Independent

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