Goldman Sachs’ private equity arm is set to announce a £150m investment in insurance group Hastings Direct that will leave chairman Neil Utley cashing in tens of millions of pounds from the business he turned around after buying it in 2008.
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Friday 18 March 2011
Taxpayers were saved around £1.5 billion after Government moves to buy back debt in nationalised lenders Northern Rock Asset Management and Bradford & Bingley, the public spending watchdog said today.
Thursday 10 March 2011
Northern Rock's executive chairman stoked expectations of an imminent move out of public ownership yesterday when he said the bank did not need to make a profit before returning to the private sector.
Wednesday 09 March 2011
Northern Rock insisted today that it was on the road to recovery despite posting an annual loss as it prepares itself for private ownership.
Saturday 05 March 2011
Tuesday 08 February 2011
One has to hand it to Northern Rock: it really doesn't miss a trick. After commissioning what it describes as "extensive research", the bank is launching a new brand campaign, to be headlined "Northern Rock. Works for Me." Isn't that simply a statement of the obvious? Having been forced to dip into our pockets to save Rock from collapse three years ago, this is one of several banks that works for us all – in theory, at least. After all, as taxpayers, we own the bank and employ its staff.
Monday 24 January 2011
Those who defend companies such as Provident Financial make two points: that their clients are broadly satisfied with their service (Provident puts the figure at 95 per cent), and that the alternatives are dire. By the latter, they mean the loan shark who will break your legs when you can't pay up, rather than just your heart when the bailiffs knock on the door.
Tuesday 18 January 2011
Northern Rock's return to the private sector was kick-started yesterday as UK Financial Investments, the body that represents taxpayers' interests in the banking sector, invited bankers to pitch for a mandate to work on "strategic options".
Saturday 11 December 2010
Saturday 06 November 2010
Was the fuss about his £500,000 really fair then?
It's true that Mr Hoffman was going to be paid £500,000 in salary, pension and benefits for doing, well, nothing, and that £500,000 came from the taxpayer because Northern Rock is state-owned.
Friday 05 November 2010
Unions described the decision by state-owned Northern Rock to hand chief executive Gary Hoffman £500,000 in pay, pension and other benefits for doing nothing for six months as a "punch in the stomach" yesterday.
Thursday 04 November 2010
Nationalised bank Northern Rock today confirmed Gary Hoffman has stepped down as chief executive with immediate effect.
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