The Co-operative Bank is to give top executives a big boost in base pay to sidestep a ban on bonuses — despite the lender’s huge losses.
Insiders insist that the beleaguered bank must lift salaries if it is to stop an exodus from its top ranks. But news of the potential pay bonanza is likely to irk Bank of England governor Mark Carney. In May, he banned the bank from paying bonuses until it showed it had strengthened its fragile balance sheet. Details of the planned rises are to be unveiled next month.
For said Sage did tell us that it was an outrage that people who knew fuck all about banking were not allowed to run a bank, didn’t he?