RBS feels the heat over ‘nonsense’ pension package for Ross McEwan. Royal Bank of Scotland Group (RBS) is facing pressure to cut its chief executive’s “nonsense” pension package amid a growing row over unfair pay. Shareholder rights group ShareSoc said on Thursday that Ross McEwan’s pension top-up of 35% of salary compared with 10pc for all other staff, was “nonsense” and proved that the board’s method of engaging with investors “doesn’t work”. RBS is expected to begin a consultation later this year with major shareholders about Mr McEwan’s pay, which is coming up for renewal in 2020.
Debenhams presses ahead with £200m refinancing plan in snub to Mike Ashley. Debenhams (DEB) is forging ahead with a £200m refinancing plan that appears to shut the door on Mike Ashley’s latest attempt to avoid having his stake wiped out. The troubled department store chain made no mention of £61m takeover approach yesterday other than to say that the majority of its bondholders had agreed to adjust the terms of its bonds. Debenhams urgently needs cash after paying its multi-million pound quarterly rent bill on Monday. It is facing upfront demands from suppliers having had its credit insurance withdrawn.
Barclays’ investment banking boss out amid major overhaul at the top. Barclays (BARC) boss Jes Staley has unveiled the surprise exit of the bank’s investment banking boss as he bolsters its defences against activist investor Ed Bramson. In an unexpected announcement Mr Staley said he was “delayering” the organisation so that oversight and accountability for the performance of the investment bank was brought “much closer to me”. Following the changes the bank said that investment banking head Tim Throsby, one of the group’s top bankers who like Mr Staley joined from US rival JP Morgan, had “decided to leave the company”. His exit comes just over two years after he joined.
M&C Saatchi backs calls for competition watchdog investigation of Facebook and Google. The advertising agency M&C Saatchi (SAA) has joined the chorus calling for a competition investigation of Facebook and Google’s “stranglehold” over the digital media market, alongside the Government and a host of publishers. David Kershaw, M&C Saatchi chief executive, backed a Competition and Markets Authority examination of opaque practices, urged by the Chancellor earlier this month on the recommendation of a panel of independent experts. “I think it’s a good thing,” he said. “From our clients’ point of view they would like to see less stranglehold. An oligopoly of that size is not something customers crave, to put it mildly.”
Footwear retailer Dune has made an offer to buy LK Bennett from its administrators, according to reports on Wednesday. The privately owned retailer, which has its own shops as well as more than 150 department store concessions, was reportedly among a number of companies to make a final bid for the ailing fashion chain just weeks after it collapsed. According to retail industry sources administrator EY is weighing up offers and will choose a buyer within the coming days, Sky News reported. The Dune Group sells a wide variety of fashion footwear and accessories from brands such as Hugo Boss, Polo by Ralph Lauren, Ted Baker and Timberland.
Questor: the market’s view of this trust is stuck in the past – its 13% discount makes it a buy. Questor investment trust bargain: sentiment towards JPMorgan Japan Smaller Companies Trust (JPS) hasn’t recovered from a poor period a decade ago, even though returns are now stronger
