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11/04/2021

Who’s getting what salary? (TSB, Future Plc, Imperial Brands)

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TSB Bank

TSB Bank’s boss Debbie Crosbie has had her pay cut by 19% for 2020, says the Evening Standard. Her pay fell to £1.17m from £1.44m in 2019 due to bonuses being waived in the pandemic. Last year, she was awarded £480,000 in shares as a ‘golden hello’ plus a £184,925 bonus.

TSB had a £204m loss in 2020.

Future Plc

Future, the magazine publisher behind Country Life and Horse & Hound, has come under fire from shareholders over a proposed bonus scheme that could award its chief executive, Zillah
Byng-Thorne, just over £40mm, says the Financial Times. Under the terms of the ‘value
creation plan
‘, employees will be granted shares in three annual tranches; each capped at
£95m, so long as the share price rises by at least 10% a year from September 2020 to September 2025. Byng- Thorne will be entitled to 14.3% of the pot, up to an annual £13.6m.

She was paid £3.7m in total last year and will see her basic pay rise by 21% to £570,000.

Imperial Brands

Imperial Brands, formerly known as Imperial Tobacco, Group, saw a shareholder revolt last week over the pay of its new CEO Stefan Bomhard, says The Times. Just over 40% of
shareholders voted against his £1.27m salary, 12.7% bigger than Alison Cooper, his predecessor of nine years, who had been at the firm for two decades. Bomhard, who joined last July, was also awarded £483,015 forfeiting bonus awards when he left FTSE 250 car dealer Inchcape for the firm.

Nice work if you can get it UBS

UBS is planning to increase the bonus pool for its investment bankers by as much as 20% after a surge in trading revenue helped Switzerland’s largest bank post the highest profit in five years, say Marion Halftermeyer and Patrick Winters on Bloomberg. Asset managers in the Asia-Pacific region, for example, could see their bonuses increase by 10%, the bank paid out around $2.7bn overall in variable compensation.

UBS has navigated the pandemic better than many of its peérs as its loan book proved resilient, and the investment bank benefited from a surge in trading, with pre-tax profit at the unit more than tripling from a year earlier. By contrast, Swiss Rival Credit Suisse Group is considering cutting its overall bonus pool by at least 10% after a series of charges hit profits last year.

Source: moneyweek.com

Kris Paterson is a writer for www.whatjobs.com the global job search engine

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