Royal Bank of Scotland has moved to calm investor fears over the future of its chief executive Stephen Hester, as chairman Sir Philip Hampton privately promised shareholders Mr Hester will stay well into next year. The news comes as the taxpayer-owned bank is expected to be hit with a £500m fine by US and UK regulators this week, just as it pays bankers £250m in bonuses.
The Sunday Times: EE owners near to appointing advisers for LSE flotation
Deutsche Telekom and France Télécom are close to appointing advisers for the flotation of Britain's biggest mobile-phone operator, Everything Everywhere, on the London Stock Exchange. The pair are expected to raise more than £1bn a piece by selling 25 per cent stakes in the group, which was formed from the merger of their T-Mobile and Orange units. A flotation is expected this autumn.
The Mail on Sunday: MPs crank up the pressure on bank chiefs over bonuses
Bank bosses will come under fresh pressure to surrender their bonuses and slash payouts to colleagues when they appear before MPs. The chief executives of Barclays, HSBC and Lloyds are due to be questioned by the parliamentary Commission on Banking Standards this week. Lloyds' Antonio Horta-Osorio and Barclays' Antony Jenkins have already ruled out receiving a bonus themselves this year.
The Sunday Telegraph: Osborne in last-ditch talks over ringfencing banks' varied roles
George Osborne was locked in last-ditch talks over plans for new powers to split up Britain's banks if ringfencing retail and investment banking divisions is deemed not to have worked. The Chancellor, who is giving a speech on the issue this week, is expected to oppose a "blanket" power for regulators to break up banks. He also wants RBS to pay Libor fines from its bonus pool.Reuse content