Monday, February 23, 2009

Britain's Northern Rock to pay bonuses to managers

"On a conference call with journalists, Gary Hoffman, Northern Rock's chief executive, said that an undisclosed number of senior managers could also receive a deferred bonus payment, even though the bank's losses grew through 2008. It is expected to make another hefty loss this year."

"I don't think all banks are the same, and I don't think that all bankers are the same," said Hoffman, adding that Northern Rock had failed in 2007, although it was not nationalised until early 2008.

"Pay for performance is not a bad thing … I'm pleased that we can reward our frontline staff."

Can you see the man in a Toga, fiddle in hand?

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