Metro Bank risks backlash as investor advisers warn over scheme that could hand CEO £60m ISS and Glass Lewis concerned new long-term bonus could reward bosses regardless of performance

Fresh controversy at Metro Bank, where bosses are pushing a complex new bonus scheme that could hand £60m to CEO Daniel Frumkin

www.theguardian.com/business/202...

UK lenders paid car dealers cash upfront that may have led to costlier loans Exclusive: ‘Advance commissions’ said to total millions of pounds allegedly pushed customers to certain providers

New allegations in the motor finance scandal

Exclusive: Court docs show lenders paid “advance commissions” to car dealerships that may have encouraged them to push more expensive loans onto customers www.theguardian.com/business/202...

HSBC net zero goal delayed 20 years, as CEO offered 600% bonus Bank moves climate targets from 2030 to 2050 and waters down environmental goals in plan for Georges Elhedery

HSBC is delaying part of its net zero goals by 20 years, while watering down climate targets in a CEO bonus plan that’s worth up to 600% of his salary

More details from its climate progress review are due later this year
www.theguardian.com/business/202...

Supreme court judges reject Reeves’ motor finance intervention Chancellor had sought to prevent lenders caught up in commissions scandal being handed £44bn bill

Judges have rejected Reeves' controversial bid to intervene in a high-profile Supreme Court case on the motor loan commissions scandal

Shares in Lloyds and Close Brothers tumbled over fears of a looming £44bn compensation bill www.theguardian.com/business/202...

Statement Regarding Consideration of Diversity Factors in U.S. Director Election Assessments Institutional Shareholder Services (ISS) annually conducts a thorough, rigorous, and transparent policy review to consider updates to its Benchmark policy and its Specialty policies for the upcoming p...

Shareholder advisory service ISS is caving to Trump's anti-diversity drive ahead of AGM season

From 25 Feb, it will no longer recommend voting against any US company's board members for failing to hit gender/ethnicity leadership targets
insights.issgovernance.com/posts/statem...

Late financier Evelyn de Rothschild accused of abuse during banking career Exclusive: Several women claim City grandee exploited his position to harass or sexually assault them in the 1990s

New: Late financier Evelyn de Rothschild accused of abuse during banking career

www.theguardian.com/business/202...

State-funded UK scheme to save beloved community sites will close early Government to shut £150m community ownership fund despite millions of pounds remaining unallocated

State-funded UK scheme to save beloved community sites - like The Old Forge, Knoydart - will close early - @kalyeena.bsky.social reports www.theguardian.com/society/2024...

I will be joining my colleagues at the Guardian and Observer who are on strike for 48 hours.

I will be back at work on Friday.

For more information please follow bsky.app/profile/gonu... and @NUJofficial, or visit nuj.org.uk/savetheobserver

City regulator offers to water down ‘name and shame’ rules after pressure FCA proposes giving 10 days’ notice before revealing identities of firms under investigation and will consider market impact

FCA bows to pressure over plans to “name and shame” companies it investigates, following months of intense criticism from the City and threats of govt intervention

www.theguardian.com/business/202...

Nationwide’s £2.3bn takeover gain prompts criticism of Virgin Money bosses Analysts claim bosses at target bank decided to ‘take the money and run’ after Virgin assets valued at £5.1bn

"It highlights that the Virgin Money board didn’t have faith that the CEO’s plan...was going to be successful, so they decided to take the money and run"
www.theguardian.com/business/202...

Brat banking: Charli xcx takes the stage in Revolut’s push to cleanse its image Two-day bash in London was part of ‘lifestyle brand’ push to snare younger customers

Digital bank Revolut says it wants to be a 'lifestyle brand'

But for some with longer memories, Revolut’s £1m+ Coachella-inspired mega-party echoes the banking industry's excesses in the lead up to the financial crisis

www.theguardian.com/business/202...

Remember the global financial crisis? Well, high-risk securities are back The shadow banking sector is trying its hand at trading in debt-based products such as collateralised loan obligations

New risks are emerging in familiar places, 16 years after the 2008 banking crash

“It’s a game of whack-a-mole. You regulate stuff, but then the financial system finds ways around the regulation very quickly"

www.theguardian.com/business/202...

Starling Bank staff resign after new chief executive calls for more time in-office Exclusive: Staff complain Raman Bhatia is creating ‘grey corporate hellscape’ and offices already lack desk space

Starling Bank staff are resigning after its CEO ordered its 3000+ workers to return-to-office...despite only having about 900 desks

(Best not to ask who did the math)

www.theguardian.com/business/202...

Race for UK banks to repay £100bn in Covid loans could help savers Lenders may look to attract more deposits from savers to raise funds to repay Bank of England pandemic-era loans

UK banks are about to enter into a "messy" dash for cash, as they race to repay £100bn of pandemic-era loans

(And it turns out out your savings rate might benefit) www.theguardian.com/business/art...