Connect with us

Published

on

NatWest will hope deal closes ignominious chapter

£7.6m is a lot of money to leave on the table by anyone’s standards.

NatWest Group, the taxpayer-backed bank, hopes that headline-grabbing number will persuade stakeholders that it has taken a tough line on the severance package handed to Dame Alison Rose, its former chief executive.

Indeed, Dame Alison herself might claim that she herself has been “debanked” out of a multimillion pound payoff.

After months of negotiations between the first woman to run one of Britain’s big four banks and a board, which until hours before her exit had steadfastly supported her, a compromise of sorts has been reached.

Under the deal announced on Friday – which confirmed an exclusive Sky News report – Dame Alison will receive just under £1.75m between now and the end of her 12-month notice period.

That will add to roughly £650,000 she has already received since she left “by mutual agreement” on a dramatic night in July, and a share award that could be worth in the region of £800,000 that will vest next March (during her notice period).

£3.2m, to most people, is still an awful lot of money, so it’s unlikely that anyone – whether or not their surname is Farage – will be spilling copious tears for Dame Alison today.

Consider, though, that her career in UK financial services is all but over after her summer transgression, when she inaccurately briefed a BBC journalist about Mr Farage’s banking arrangements with Coutts, a NatWest subsidiary.

Her career may now need to focus on roles which do not require the consent of City or banking regulators, with some friends suggesting she is likely to consider a move overseas.

Led by chairman Sir Howard Davies, NatWest’s board will hope this announcement ends what even by its standards has been an ignominious chapter in its recent history.

That may yet prove to be wishful thinking.

Continue Reading

Business

MPs seek COVID-19-style financial support cyberattack hit Jaguar Land Rover

Published

on

By

MPs seek COVID-19-style financial support cyberattack hit Jaguar Land Rover

An influential committee of MPs is seeking COVID-19-style financial support for Jaguar Land Rover as it tries to recover from a cyberattack.

After a week of plant closures, the Committee for Business and Trade has written to the chancellor, asking her what is being offered to the carmaker “to mitigate the risk of significant, long-term commercial damage to affected firms”.

The 34,000 UK workers of Jaguar Land Rover (JLR) are to remain at home until at least next week after a cyberattack discovered last week halted operations.

Money blog: Football fans can be rejected from job if they support rival team

Staff are still being paid from JLR sites in Halewood, Merseyside, and Solihull and Wolverhampton in the West Midlands, but the entire economy around the West Midlands is affected.

JLR suppliers Evtec, WHS Plastics, SurTec and OPmobility have had to temporarily lay off roughly 6,000 staff.

Operations could be disrupted for “most of September” or worse, according to a report from The Sunday Times.

More on Cyberattacks

On Thursday, Business and Trade Committee chair Liam Byrne wrote to Chancellor Rachel Reeves, saying: “Firms across the supply chain are now warning the committee of disruption to both upstream and downstream businesses.

“This disruption, we are told, may imminently pose very significant risks to cashflow.”

Intervention, akin to the emergency steps taken to secure British Steel production, is suggested by Mr Byrne to “protect sovereign areas of strength in the UK’s industrial, scientific and technological base”.

A group of English-speaking hackers claimed responsibility for the JLR attack via a Telegram platform called Scattered Lapsus$ Hunters, an amalgamation of the names of hacking groups Scattered Spider, Lapsus$ and ShinyHunters.

Please use Chrome browser for a more accessible video player

Four arrested over M&S, Co-Op and Harrods cyber attacks

Scattered Spider, a loose group of relatively young hackers, were behind the Co-Op, Harrods and M&S attacks.

Four people were arrested for their suspected involvement in the April attacks and have been bailed.

Continue Reading

Business

M&S tech chief leaves months after cyber attack cost it £300m

Published

on

By

M&S tech chief leaves months after cyber attack cost it £300m

The Marks & Spencer (M&S) executive responsible for its technology function is leaving the retailer months after a devastating cyber attack which disrupted its systems at a cost of hundreds of millions of pounds.

Sky News has learnt that Rachel Higham, M&S‘s chief digital and technology officer, is leaving the company.

A former WPP and BT Group executive, Ms Higham was hired by M&S early last year.

Money latest: How to give your child a financial head start

Her departure was announced in an internal memo circulated on Thursday.

In it, the company said she was “stepping back from her role”.

“Rachel has been a steady hand and calm head at an extraordinary time for the business, and we wish her well for the future”.

More on Marks And Spencer

Please use Chrome browser for a more accessible video player

July: Four arrested over cyber attacks

The April cyber attack on M&S, which was conducted by a group called Scattered Spider, brought its online operations to a halt, underlining the growing threat posed by such incidents.

Its click-and-collect service is now back up and running, and the retailer expects part of its costs to be covered by insurance.

M&S said early last month that it was not looking to replace Ms Higham following an enquiry from Sky News.

It was unclear who would succeed her in the role or whether she would be eligible for a payoff.

An M&S spokeswoman confirmed on Thursday that the memo was genuine but refused to comment further.

Continue Reading

Business

Supermarket spreadable matches Lurpak in taste test | Sign up to Money newsletter

Published

on

By

Supermarket spreadable matches Lurpak in taste test | Sign up to Money newsletter

Sky News has launched a free Money newsletter – bringing the kind of content you enjoy in the Money blog directly to your inbox.

Each Friday, subscribers get exclusive money-saving tips and features from the team behind the award-winning Money blog, which is read by millions of Britons every month.

Sign up today, and this week you’ll find the following in the newsletter:

  • The free £2,000 that 800,000 parents aren’t claiming
  • Our Verdict: Our blind tasters put spreadable butter to the test – and a cheaper supermarket version comes joint top with a big name
  • And we outline the best deals available in five key areas for your household budget

So join our growing Money community – and thanks to the thousands of you who already have.

What to expect each week

The newsletter is your essential personal finance companion, with digestible information to help you make smarter decisions on your savings, mortgages, holiday money and much more.

As a subscriber, you get additional exclusive content that goes beyond the blog.

At a time when the global economy faces so much uncertainty, we have analysis from our trusted economics teams on the big stories that affect the cash in your pocket.

You also get first looks at popular features such as Money Problem, Cheap Eats, What It’s Really Like To Be A and our weekend Long Read.

Continue Reading

Trending