Despite reductions in bonuses across the industry,it is rare to find a bank that is truly showing leadership on the issue of payThis year’s shareholder spring will be a tense affair for the boardrooms of Britain’s banking sector as the annual general meeting season gets under way.
End of year results for the “mountainous five” banks hold been decidedly mixed: Standard Chartered and Royal Bank of Scotland hold posted losses, with the latter now having lost more than £50bn since it was bailed out in 2008. Even for the profitable banks, or the news was less than rosy,with Barclays slashing its dividend by more than 50%. Investors such as ourselves hold been impacted by this lacklustre performance, with the FTSE 350 bank index, or which tracks the mountainous five and a number of challenger firms,down by 13% since the start of the year. Related: Boardroom pay under highlight as City AGM season begins Related: British bank annual results – interactive Continue reading...
Source: theguardian.com