Business Diary: A different way to see the City
Tuesday 06 December 2011
Sharp-suited bankers wondering about groups of unusual-looking tourists in Docklands may have come across a new tour being organised by the Occupy London protesters. It offers an historical guide to financial sites in the capital. The tone for the tour is rather set by the promotional blurb: "Canary Wharf is situated in the London borough of Tower Hamlets, the local authority with the second highest rate of severe child poverty in the UK. This year, Barclays Bank announced pay and bonuses for its top five staff of £110m".
Spencer gets corker ofa new role
Some non-executive directorships are more attractive than others. It seems safe to say, however, that Michael Spencer's decision to accept the chairmanship of Bordeaux Index – where he'll work with friend and former colleague Gary Boom, who founded the fine wine merchant – was not a hard one to make. The chief executive of Icap likes a decent drop of claret himself.
Battle Royal ahead at Icap
Speaking of Icap, good luck to the interdealer broker, which holds its 19th annual charity day tomorrow. As usual, the company will be giving allrevenues and commissions generated on the day to a group of charities – some 200 different good causes around the world – and inviting celebrities to man the dealing desks. Look out for Princes William and Harry, who have battled to place ever-bigger trades on previous similar occasions.
Most expensive advisers ever?
HSBC's closure of NHFA – whose mis-selling to elderly customers has landed the bank with £40m of fines and compensation – went largely unnoticed in July, but a look back at the announcement is revealing. It hinted at trouble ahead – the bank said it was checking advice given – and added that NHFA had fewer than 20 advisers. Each adviser thus cost the bank more than £2m.
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- 5 Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
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Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
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