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New Northern Rock Chief Lands £2m Pay Deal

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http://business.timesonline.co.uk/tol/busi...icle4383542.ece

Northern Rock, the nationalised bank, will pay its new chief executive, Gary Hoffman, nearly £2 million over two years to run the troubled lender.

Mr Hoffman, who is leaving Barclays after 26 years, will receive a basic salary of £700,000 plus three payments of £400,000 each, paid over two years, to compensate him for his loss of various long-term incentives at Barclays.

He will also be eligible to take part in Northern Rock's incentive scheme when it starts later this year.

Northern Rock was forced to borrow more than £26 billion from the Bank of England last year after being unable to obtain funding in the wholesale market.

After a drawn-out bid battle for the bank, the Government decided that the potential buyers would not be able to repay Northern Rock's central bank borrowing quickly enough, and instead took it into public ownership.

Northern Rock is not expected to return to the private sector for at least three years.

What a pay deal get paid if your a success, get paid the same if your not.

The sweet smell of failure, if your a CEO you get paid what ever the results and when you get sacked you get a pay off. No other employment is like it.

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Disgusting. And will th etax payer stand any better chance of having him act in their interests than the shareholders of NR? My guess is no.

Let's all stop blaming institutions who are largely owned by you and me, and start pointing the finger at the employees that fleece us time and time again.

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Disgusting. And will th etax payer stand any better chance of having him act in their interests than the shareholders of NR? My guess is no.

Let's all stop blaming institutions who are largely owned by you and me, and start pointing the finger at the employees that fleece us time and time again.

As a tax payer, I dont remember being consulted or voting for such a pay out...do you? :o

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I wonder if he is a snake-oil salesman like Applesh*t or a "proper" operational banker.

Can we infer anything from the fact he is ex-Barclays as to the final resting place for NRK in 2 years time?

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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