Darling reveals frustration over Obama bank plan
Monday 25 January 2010
Alistair Darling has publicly voiced his opposition to Barack Obama's plans to break up the banks, which the US President revealed to a startled financial world last Thursday.
As finance ministers of the G7 group of nations gathered in London to discuss the White House's latest proposals, with Britain represented by the City minister, Lord Myners, the Chancellor made explicit his scepticism about the Obama administration's plan. Mr Darling said: "If everyone does their own thing it will achieve absolutely nothing. The banks are global. They are quite capable of organising themselves in such a way that if the regime is difficult in one country they will go to another one, and that doesn't do anyone any good."
At a time of intense public pressure on governments to restrain bankers' remuneration, reports at the weekend suggested that Barclays was likely to defer its bonus payments to executives for up to three years, given the Government's new tax on bank bonuses, while Goldman Sachs was said to be ready to limit bonuses to £1m.
Barclays has apparently decided that its directors and senior staff can have their bonus payments postponed for up to three years. Senior executives will defer up to 100 per cent of their bonuses, while the next 2,000 or so employees will have to wait longer for 75 per cent of their bonuses. Payments for last year have not been decided, but Barclays will announce to staff soon that bonuses will be mostly taken in shares and the actual receipt of bonuses will be "staggered" up to 2013, in line with recommendations in the Turner report.
The new Barclays approach is expected to form a permanent policy.
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
- 3 Lego breaks out of the toy box and heads for the gallery
- 4 Julian Assange and Edward Snowden join piracy mogul Kim Dotcom’s political campaign in New Zealand
- 5 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
Jihadi John': MI5 may have identified Isis militant who killed David Haines but options limited
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: Police will be on high alert on Friday whatever the result
David Haines beheading: David Cameron says Britain will hunt down Isis 'monsters' shown in video murdering aid worker
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
Salmond accused of laughing off national debt with ‘what are they going to do: invade?’ joke
iJobs Money & Business
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
£35000 - £38000 per annum + Benefits: Ashdown Group: Training Coordinator / Pl...