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Sunday Papers: Barclays slashes bankers' pay as profits fall

And Citigate has been told that the mobile phones of some of its most senior directors were hacked into at the peak of the takeover boom.

Sunday Papers: Barclays slashes bankers' pay as profits fall

Top stories

  • The Sunday Telegraph: Barclays to cut salaries of some of its leading investment bankers by as much as half in a bid to reduce costs and show that the bank has fundamentally changed.
  • The Sunday Telegraph: Barclays could be forced to release hundreds of thousands of emails connected to attempts to rig Libor if the High Court allows a care home operator to pursue its claim against the bank.
  • Mail on Sunday: Top City public relations firm Citigate has been told that the mobile phones of some of its most senior directors were hacked into at the peak of the takeover boom, when potentially billions of pounds were at stake.
  • The Independent on Sunday: The fashion and homewares retailer Next will reveal this week if its performance bounced back at the end of its third-quarter after poor sales in August and early September.
  • The Independent on Sunday: The flagging health of Britain's manufacturers and builders will be under the spotlight this week as the Bank of England's rate-setters hunt for clues on the state of the economy.

Business and economics

  • The Sunday Telegraph: The fashion retailer Asos is facing pressure from angry shareholders over the financial package for its new chairman, Brian McBride.
  • Mail on Sunday: Lloyds Banking Group may this week dramatically increase the amount of cash it has set aside to settle payment protection insurance mis-selling claims.
  • Mail on Sunday: Marks & Spencer is expected to reveal that profits slumped by as much as 8% to £290 million when it updates investors early next month.
  • The Independent on Sunday: Nick Clegg will this week step up his vision to create a "John Lewis" economy by fleshing out a scheme that could let staff buy shares in the company they work for.
  • Mail on Sunday: Boisdale, the tartan-bedecked chain of Scottish seafood and steak restaurants that recently hosted the world oyster-tasting championships, doubled turnover to £10.5 million in the year to last April and turned a loss of £585,000 into a profit of £235,000.
  • The Sunday Telegraph: BT has bolstered its plan to become a heavyweight sports broadcaster with a slew of deals to show live matches from top-tier international football leagues.

Share tips, comment and bids

  • The Sunday Telegraph: Anglo American's review of its loss-making platinum unit is close to completion, with the miner considering taking action to sell up to 15% of the division.
  • The Sunday Telegraph: Virgin Trains is planning a bid to run the East Coast main line when the franchise is put up for tender in the new year, Sir Richard Branson has revealed.
  • The Independent on Sunday: Buyout baron Guy Hands is close to clinching a £3.5 billion debt deal on another investment that has been badly beaten by the financial crisis.
  • The Sunday Telegraph (Comment): At the end of this year a small revolution will take place in the investment business – financial advisers will no longer be able to receive commission from fund groups for recommending their products.
  • The Sunday Telegraph (Comment): Most analysis of the Autumn Statement in early December will focus on whether the Chancellor is still managing to meet his fiscal targets, and, if so, what by way of further austerity measures will he be forced to enact to keep the public finances on the straight and narrow?
  • Mail on Sunday: Like his other policy-on-the-hoof announcement on fuel bills, the Prime Minister looks to have gone off half-cocked with his threat to order an inquiry into the amount of tax paid by international companies in this country.
  • Mail on Sunday (Midas share tip): Buy Tarsus Group

5 comments so far. Why not have your say?

Keith Snell

Oct 28, 2012 at 09:45

As bankers have been massively overpaid for many years a cut of 50 percent is only a move in the right direction if shareholders are to receive improved dividends otherwise it only shows banks have learned nothing.

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Gil Dines

Oct 28, 2012 at 10:03

When you listen or read about the ideas of either party {Libs are just hyenas] you wonder who is in charge of our lovely country, is it big business or unions?.

All those brains and not a jot of common sense,

To get our country back on its feet , we need

1… Less red tape ,- talk to any small business and the tales they tell of harassment and expensive form filling would deter many of the risk of starting up themselves,which is what is needed to get us moving..

2.. Start a state bank that gives a decent rate of return to over 65 pensioners and lend the money to genuine English businesses, at a rate just enough to cover the cost {no bonus no speculation just business loans..]

3.. Make the oil and energy suppliers give one tariff for gas and electric to homes

And stop increasing petrol and diesel prices until this crisis is under control. { ofgem is a waste of space}

4. Start the cut backs from the top down people are fed up with cutting back whilst those that rule still fiddle and quango.

When I think of those in government, all that brain power and not one ounce of common sense

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Frankie Dee

Oct 28, 2012 at 13:37

Lloyds has to set aside more money for PPI as Barclays did last week another 700m I have said it befotre nobody put a gun to anyones head and said you must take PPI it was 79P per £100 of debt I always said no thankyou with no hard sell you wanted the protection you took it now you can have a refund i feel sorry for the banks profits.

I also think the the LIBOR rigging was out of need to stop the crisis that was occurring no mortgage payer lost out just everyone move on and let the banks do their jobs this is providing free current accounts and lending to you and I so we can buy today and not have to wait.

The lawyers that set up these PPI companies live in 12 bedroom houses big fat cars kids in private education holidays in Barbados they are ,as I watch my words preying on the loop hole created also there is no need to use these companies as banks just give the money back they take up to half in comission.

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Oct 29, 2012 at 06:45

Well, as an old City dog said to me in the eighties with reference to huge post big band salaries "it is a bubble and it will burst", so it is good to see it happeneing for these bankers salaries. No doubt any shortfall will be made up in pension contribution or share allocation!!

But how comes a Care Home firm has millions to invest and to pay for lawsuits. Maybe this field should be under investigation. The weekly charges for care, often paid for by local councils is absolutely scandolous. This should be the next bubble to burst. Here's hoping!!

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Oct 29, 2012 at 06:52

p.s. Did anybody notice the typically Scottish name of the waitress showing the offerings of the Tartan bedecked Scottish restaurant chain Boisdales - erm Tatiana Burdila - Och eye the noo!!!!!

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