Connect with us

Published

on

Bank bosses enjoyed pay hikes in 2023, while rank-and-file workers were handed another year of stingy bonuses, according to this week’s round of earnings.

Nowhere was that more evident than at Standard Chartered, whose chief executive officer Bill Winters saw his pay package rise 22%, according to Bloomberg, citing the London-based bank’s 2023 earnings report released Friday.

Winter’s total compensation surged to roughly $9.9 million last year — a jump from $8.1 million in 2022 –despite Standard Chartered’s overall bonus pool falling 1%, to $1.57 billion, in 2023, Bloomberg reported.

The disparity between the board room and the cubicles was even worse among Wall Street’s major lenders.

Citibank chief Jane Fraser received a 6% pay bump, to $26 million, while its bonus pool tumbled about 20% in 2023, according to Financial News London.

A lot of people thought wed be at least flat on last year, an unnamed senior dealmaker at the firm told the outlet. People were shocked.

Fraser’s payout came as Citi’s profits plummeted 38% year-over-year at the bank in 2023.

Fraser implemented a sweeping overhaul intended to consolidate departments last November, with the goal of trimming the bank’s global headcount from 239,000 to 180,000.

Last month, Citi said that 20,000 staffers can expect to be handed a pink slip over the next two years after the bank reported its worst fourth-quarter earnings in 15 years.

Still, the bank’s board said that Frasers compensation increase was justified because of her execution of the most consequential set of changes to its organizational and management model since the 2008 financial crisis and the sale of international businesses.

Among peers on Wall Street, Morgan Stanleys former CEO  James Gorman got a pay bump of 17% in his final year heading up t he bank — which also slashed the size of its bonus pool.

Morgan Stanley’s rank-and-file received payouts that were slashed by as much as 15% from 2022 to 2023, Financial News reported.

Gorman is set to officially retire come May, ending his nearly two-decade tenure at Morgan Stanley, which reported a hit to its 2023 fiscal year earnings when it said profits plunged 32% year-over-year, to $1.5 billion.

Goldman Sachs CEO  David Solomon was another bank boss to get a pay bump despite lagging profits.

Solomon’s pay rose 24%, even though the firm posted a 24% decline in net profit last year as Goldman suffered from a slowdown in investment banking activity that led to thousands of job cuts.

Sources told The Post earlier this month that compensation at the firm was up $350 million from last year,” and a spokesperson for Goldman has insisted that its “compensation philosophy hasnt changed, were always focused on investing in our people, especially our top performers.

Despite reports on Financial News that Goldman bankers saw as much as a 10% raise in 2023, sources confirmed that employees may have received more or less than that depending on their performance.

JPMorgan Chase CEO  Jamie Dimons compensation also climbed 4.3% following a year of record profits for America’s largest lender.

The firm posted an impressive $49.6 billion in profits in 2023 — the most ever in US banking history.

As a result, compensation and morale remained relatively stable among the rank and file, sources told The Post.

One employee even went so far as to call his bonus awesome. 

HSBC CEO Noel Quinn saw his pay roughly double last year, from $7 million to $13.4 million, despite the widespread recession fears, stubbornly high inflation, layoffs, and cost cuts that defined the finance sector in 2023.

HSBC on Wednesday reported that its bonus pool also saw a 12% rise in 2023 — defying a trend of lackluster bonuses across the banking sector, per Bloomberg — as the UK lender enjoyed record profits on the heels of elevated interest rates.

Two banking chiefs didn’t have as much to celebrate: Bank of Americas Brian Moynihan saw his pay fall 3%, to $29 million.

In addition, Barclays’ CS Venkatakrishnan was also an outlier.

He saw his annual bonus slashed by 27%, according to Bloomberg, after the London-based firm reduced its bonus pool by 3% as a result of a 15% dip in profits attributed to reduced activity in its investment banking division.

Continue Reading

UK

‘We need help’: Workers say shoplifting is ‘out of control’ as brazen thefts explode

Published

on

By

'We need help': Workers say shoplifting is 'out of control' as brazen thefts explode

A woman casually walks into a convenience store and starts filling a bread crate with goods from one of the aisles.

A shop assistant tries to stop her, but she shrugs him off, undeterred. With the crate now full of items, she leaves without paying.

It is a scenario that is played out day in and day out across Britain, as retailers warn the surge in shoplifting is now “out of control”.

A Nisa supermarket storefront
Image:
Four in five store owners tell Sky News they’ve experienced shoplifting in the last week.

I’m sitting in the security office of a busy city centre shop and I’m watching as a schoolboy walks in and helps himself to a sandwich, stuffing it into his jacket.

Watching with me is shop worker Anton Mavroianu who positions himself by the main entrance waiting for the youngster to leave.

When the boy does leave, Anton demands the item back. Instead of being frozen with fear that he’s been caught, the boy laughs and walks off.

“All we can do is try to stop them,” Anton tells me. “But this is just another day for us.”

Anton Mavroianu
Image:
Anton Mavroianu said he has been threatened with a knife while trying to stop shoplifters

A few weeks earlier, when Anton tried to stop a shoplifter who had stolen from the store, the man pulled out a knife and tried to attack him.

This terrifying incident is an example of the very real threat posed to shop workers as they try to stem the tide of brazen thefts.

Shoplifting offences recorded by police in England and Wales have risen to the highest level in 20 years.

The British Retail Consortium (BRC) also reports that theft-related losses cost the retail sector millions each year, adding strain to an industry already grappling with post-pandemic recovery and economic uncertainty.

For small businesses, which lack the resources of larger chains, persistent theft can threaten their very survival.

Read more on shoplifting:
Why legion of shoplifters is causing an explosion in crime
Theft and fraud costs Co-op nearly £40m in just 6 months

CCTV of a Nisa supermarket

Ricky Dougall owns a chain of convenience stores and says shoplifting cost his business around £100,000 last year.

“Shoplifting is a huge problem and it is what stops us from growing the business.

“People come in and help themselves like they own the place and when you call the police, most of the time, they don’t turn up.”

Supermarket owner Ricky Dougall - who says shoplifting cost his business around £100,000 last year
Image:
Ricky Dougall said part of the problem is how shoplifting is classified during sentencing

Mr Dougall says part of the problem is how this type of crime is classified.

Sentencing guidelines for thefts of under £200, so-called “low level shoplifting”, were relaxed in 2016. That is being blamed for the surge in cases.

An exclusive Sky News and Association of Convenience Stores survey shows that 80% of shopkeepers surveyed had an incident of retail crime in the past week.

The poll also found 94% of shopkeepers say that in their experience, shoplifting has got worse over the last year, with 83% not confident that the police will take action against the perpetrators of retail crime on their premises.

Paul Cheema from the Association of Convenience Stores says retailers are looking to Government to support them.

“I would say officials do not give a s*** about us retailers,” he tells me. “The losses are too big and I don’t think we can sustain that anymore.

“I would urge Keir Starmer to come and meet us and see up close the challenges that we are facing.”

Retailers have responded by investing heavily in security measures, from advanced surveillance systems to hiring more security staff.

But these investments come at a cost, often passed down to consumers through higher prices.

Read more from Sky News:
Moscow says Ukraine has attacked with US long-range missiles
Xi Jinping tells Biden that China is ‘ready to work’ with Trump

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

I get chatting to Matt Roberts, head of retail in the store I am in. He worries about shoplifting, but he worries about the staff more.

“I would imagine they dread coming to work because they’re always on tenterhooks wondering whether something is going to happen today, whether they are going to have to try and confront someone.

“It’s a horrible feeling. It’s out of control and we need help.”

Matt Roberts, head of retail at a Nisa supermarket
Image:
Matt Roberts says he is concerned for his staff, who have to confront shoplifters

The government has acknowledged the urgency of the issue. Home Secretary-led discussions with retail associations and law enforcement are underway to craft a comprehensive strategy.

In the King’s Speech, the government outlined details of a Crime and Policing Bill, which promised to “introduce stronger measures to tackle low level shoplifting”, as well as introducing a separate offence for assaulting a shop worker.

Continue Reading

UK

Two-thirds of teens living with fear of violence, charity warns

Published

on

By

Two-thirds of teens living with fear of violence, charity warns

Children do not feel safe, a charity has warned, as a survey finds two-thirds of teens in England and Wales have a fear of violence.

The charity, which surveyed 10,000 children aged 13-17, found that 20% of teenagers have been victims of violence in the past 12 months.

“I think what shocked me most is how this is a problem that affects all of our children,” said Jon Yates, CEO of the Youth Endowment Fund.

“We found that two-thirds of all teenage children are afraid. And that fear is pretty real for a lot of them.”

He said it’s a fear so palpable that many teenage children are changing their patterns of behaviour, or have had it influence their daily decisions.

One third of teenage children – 33% – reported avoiding areas, whilst around 27% alter their travel routes or avoid public transport altogether to stay safe.

More worryingly, however, some say the fear of violence has led to mental health challenges, with 22% reporting difficulties sleeping, reduced appetite and concentrating in school.

More on Children

Weapon carrying is also a concern for the charity, especially among vulnerable groups.

Please use Chrome browser for a more accessible video player

From September: Young gangs of Wolverhampton

In England and Wales, 5% of all 13-17 year olds reported carrying a weapon in the past year, but that figure jumps to 21% for those suspended from school and 36% for children who have been excluded from school.

But Mr Yates said “shockingly” only 12% of children who repeatedly commit violence get any sort of support.

“That’s madness,” he said.

Jay*, 23, from Birmingham said depending on your environment, sometimes violence is hard to avoid.

“I’ve had friends be shot, I’ve got friends who have been stabbed, I had a friend die last month to be fair,” Jay told Sky News.

He said it is “damaging” because you never really get the opportunity to “heal”. He is now being supported by the charity Project Lifeline, but says before then it was difficult to find any hope.

“If you don’t have hope,” Jay added, “you can’t really get anywhere. It’s about finding that hope.”

Read more from Sky News:
Zombie knives just part of problem, says mum of stabbed teen

Is Putin ready to reach for the nuclear button?

Mark Rodney, CEO of Lifeline Project, mentors at-risk young children and said he has learned that “not only the perpetrator carries the knife, the victim sometimes carries the knife”.

“And not only the perpetrator does the killing,” he added. “The victim sometimes does the killing, because that’s where we’re at.”

He said far too many families ask themselves “is my child safe going to school or coming home from school?” and adds the government must “actually start addressing people’s concerns”.

Please use Chrome browser for a more accessible video player

From September: Home Sec vows to halve knife crime

The report also found that in 93% of cases where teenage children repeatedly harm others, adults intervene with punishments such as school discipline or police involvement.

However, only 12% of these children are offered support aimed at addressing the root causes of violence and preventing further harm.

Mr Yates said: “They go to school, they do something violent. They get excluded.”

He added: “We need to be much better at saying, ‘we’re not going to lose that child. We’re going to keep providing support to them. We’re going to keep providing a mentor’.

“Instead, we let them fall through the cracks”.

A government spokesperson said: “Halving knife crime in a decade is a clear mission this government has set out.

“It is vital to protect vulnerable young people who are too often the victims or perpetrators of this crime.”

*names have been changed

Continue Reading

Environment

Corporate America is investing in record levels of solar and storage

Published

on

By

Corporate America is investing in record levels of solar and storage

Corporate America is investing in clean energy at record levels, with tech giants taking the top spots for users of solar.

Meta, Google, and Amazon are leading the charge in solar and battery storage adoption, according to the Solar Energy Industries Association’s (SEIA’s) latest “Solar Means Business” report.

Meta continues to hold the title of the top solar user in corporate America, with nearly 5.2 gigawatts (GW) of solar capacity installed. Meanwhile, Google leads the way in energy storage, boasting 936 megawatt-hours (MWh) of installed battery capacity. Through the first quarter of 2024, these companies have added the most solar capacity to their electricity portfolios, with major players like General Motors, Toyota, and US Steel also climbing the ranks.

The report reveals that US businesses have installed nearly 40 GW of solar capacity both onsite and offsite through Q1 2024, and corporate storage use now exceeds 1.8 gigawatt-hours (GWh). Even more growth is coming: Companies have over 3 GWh of battery storage under contract that will come online in the next five years.

“Some of the largest industrial and data operations in the world continue turning to solar and storage as a reliable, low-cost way to power their operations,” said SEIA president and CEO Abigail Ross Hopper.

Technology companies are at the forefront of this shift as data center growth drives skyrocketing electricity demand. Amazon, for example, leads the US with 13.6 GW of solar procurements under contract, while Meta and Google each have nearly 6 GW under contract – pipelines over 10 times larger than the next company in the rankings.

Target remains the US’s leading onsite corporate solar user for the ninth year in a row, with Prologis, Walmart, Amazon, and Blackstone also making the top five. For the first time, the “Solar Means Business” report is also tracking corporate battery energy storage, with Google, Apple, Meta, Target, Walmart, Home Depot, and Kohl’s among the top 10 companies using storage to meet more of their energy needs in real-time.

Looking ahead, both offsite and onsite energy storage are expected to play a bigger role in corporate renewable energy strategies. Medical companies like Kaiser Permanente are already using batteries to power microgrids, making their facilities more resilient to outages.

Carolyn Campbell, Meta’s head of clean and renewable energy, East, highlighted the importance of expanding solar capacity to match the company’s global operations with 100% clean energy: “We’re thrilled to rank number one for corporate solar procurement in SEIA’s report this year, and we continue to find ways to grow the grid to benefit everyone.”

Target’s vice president of property management, Erin Tyler, said of Target’s 20-year-old solar program, “Through our commitment to solar, we’re well on our way to achieving our corporate goal of sourcing 100% of electricity from renewable sources by 2030.”

The “Solar Means Business” report also looks at the policies driving corporate America’s adoption of solar. Many companies are taking advantage of the Inflation Reduction Act’s long-term clean energy incentives. To further accelerate their renewable energy investments, businesses are calling for improvements in interconnection processes, new community solar legislation, and simpler tax credit monetization.

Read more: A 100-MW solar farm just broke ground in Wisconsin


If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending