Midland staff threaten to strike on pay
Monday 15 August 1994
The threatened action comes as Midland's parent, HSBC Holdings, prepares to announce a leap in profits. Figures due today are expected to show half-year pre-tax profits up by about 15 per cent to more than pounds 1.35bn. Midland's own pre-tax profits are forecast at about pounds 300m.
The union, which has rejected a 2.25 per cent pay offer, has begun balloting clerical staff. It has set a deadline of 26 August for voting to be completed, and said any strike action would be likely to start in September.
'Staff at Midland have lived through lean years but now they want their promised share of the better times,' the union's negotiating officer, Bernadette Fisher, said.
'Fortunes are being made in Midland but the staff only get a 2.25 per cent share. This is corporate greed of staggering proportions. Large profits are being generated, but at the expense of staff salaries.'
Like the rest of the UK banks, HSBC is expected to show flat lending growth when it reports its six-monthly figures today.
Provisions against bad debts are expected to fall, while high inflation in Hong Kong will probably drive up costs, according to analysts.
Dealing profits are expected to be a problem area following market turbulence in February. There have been strong rumours in the City that Midland Global Markets had an especially difficult February/March.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...