Boardwatch
Wage stagnation increases the wealth gap
06 June 2011
A report by the TUC claims that in stark contrast to executives, who picked up a 32% pay increase last year alone, many low income workers have indured wage stagnation for decades. The report says that there are twice as many people now earning a third less than the median salary 30 years ago.
Banks slash workforce by 11%
03 June 2011
A report by Bloomberg shows that the Britain's top five banks have slashed more than 103,000 jobs since the credit crunch, of which at leats 34,500 were in the UK.
The biggest job losses came at the part-nationalised banks of Lloyds, where new CEO Antonio Horta-Osorio stands to trouser £10m, and Royal Bank of Scotland, where CEO Stephen Hester will likely make £7.7m this year.
CEO salaries up 32%
31 May 2011
Yes, you read that right, folks. According to a report by MM&K and Manifest, the average salary for a FTSE-100 CEO rose 32% in 2010, to £3.5m.
As if you need reminding, the average salary for everyone else rose by a less-than-inflastion 2% - effectively a pay cut.
