QUITE literally, yesterday it was payback time for
The Bank of
So in the court of public opinion, the
It also has an eye for a headline. The proposal to ban discretionary payouts for employees of banks which have received taxpayer support will, surely, come to be known as "the Goodwin Rule".
It's tempting to dismiss bankers' response as the inevitable bleating of an industry which perceives itself to be under regulatory siege.
Yet some of its concerns are wellfounded. Will, for example, the taxman be ready, willing or able to repay those who have forked out hefty tax bills for bonuses they've spent and subsequently had clawed back without personal culpability? It's one thing to hold bankers more accountable for the decisions they take. It's another to make the rules of employment so onerous that those considering a career in banking ought to resort to a sanity check first.
INSURERS ON THE SPOT It isn't only the regulated who are coming under closer scrutiny in the City. The "independent" inquiry into the
Sources tell me that some of the companies whose shares tanked on the day of the botched briefing have volunteered to be interviewed as part of the probe.
How surprising. I wonder what they might possibly have to say for themselves? TESCO'S CHALLENGE Credit where it's due:
At a board meeting held after the announcement of his departure, insiders say the outgoing boss came across as determined to make the transition to his successor as smooth as possible.
Determination is a quality that
The fastest way to achieve that is to go where
Dunnhumby, the customer insight agency whose acquisition in the early 2000s was arguably one of Tesco's best decisions, could raise £1bn if sold today, insiders believe.
It could generate much more by selling a stake in its Asian operations through a stock market listing in
Those businesses, comprising sizeable operations in markets such as
But he''ll need to act swiftly. The chal-lenge from rivals is only going to get stronger.
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