View more on these topics

Bradford & Bingley announces bonus scheme

Bradford & Bingley has revealed plans to reward around 800 junior staff bonus payment of just under 8% of their salary, at a cost of £1.7m.

The average salary for this group is approximately £22,000 and rewards are based on personal performance and customer service measurement.

Senior and middle managers will receive no immediate payment, although a pool of £1.3m earned under the various scheme rules will be allocated on a deferred basis in order to help retain key staff during the run down of the Bradford & Bingley mortgage business.

These payments will be made at the discretion of the remuneration committee. They will be in the form of loan notes and be subject to up to 100% clawback.

Details of this retention mechanism are still being worked on.

Richard Pym, chairman of Bradford & Bingley, says: “It is essential to maintain the commitment and retention of colleagues who bear none of the responsibility for the events of last year, and whose efforts in continuing to serve our 300,000 customers are recognised by high customer satisfaction scores.”

Recommended

In safe hands

Longevity – it’s not a word bandied about much these days when established brands like Woolworths and Lehman Brothers have closed their doors.

Toxic sweets

There was an article last week in the Daily Mail in which children were asked to give their take on the credit crunch and what they thought the various terms meant.

Buy-to-let lenders will need government help

The Intermediary Mortgage Lenders Association has warned that buy-to-let lenders will not be able to cope with demand unless they are able to access government support.

Now more than ever, we need to back the small developer

In the context of the current housing deficit, the latest housebuilding stats aren’t great. But what does doing better look like? The Department for Communities & Local Government published its latest figures at the end of August, which revealed that housebuilding starts in England rose 2 per cent in Q2 compared to the previous quarter […]

Newsletter

News and expert analysis straight to your inbox

Sign up