What the Sunday Papers said
Monday 29 October 2012
The Independent on Sunday: Clegg to crank up 'equity for workforce' plans
Deputy Prime Minister Nick Clegg will 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. He aims to create more employee or trust-owned businesses such as at the department store group. He will also unveil an Institute of Employee Ownership to advise firms on how to spread more equity among the workforce.
The Sunday Times: Sir Christopher to quit as chairman of Glaxo
Sir Christopher Gent is to stand down as chairman of drugmaker GlaxoSmithKline. The firm has called in headhunters to search for a successor to Sir Christopher, the former chief executive of Vodafone, who has held the role since January 2005. He led the search for a replacement to GSK's former chief executive Jean-Pierre Garnier, appointing Sir Andrew Witty in 2008.
The Mail on Sunday: Lloyds may have to add £2.3bn to PPI mis-selling reserve
Lloyds Banking Group may this week dramatically increase the amount of cash it has set aside to settle payment protection insurance mis-selling claims. Rival Barclays earlier this month raised its PPI provision by £700m after claims were higher than expected. Lloyds was responsible for almost half of PPI policies sold; now Investec has warned the bank may have to add £2.3bn to its current £4.3bn reserve.
The Sunday Telegraph: Barclays' top investment bankers face cuts in pay
Barclays is to cut the salaries of some of its leading investment bankers in a bid to cut costs and show it has fundamentally changed following the financial crisis. Investment bankers earning £500,000 to £3m are expected to see their pay cut by between 30 per cent and 40 per cent. Barclays is expected to announce a third-quarter pre-tax profit of £1.7bn on Wednesday.
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