Competition from the Brics, excessive pay, a lack of transparency and allegations of corruption: George Osborne reeled off a familiar list of challenges and failings for bankers seated at dinner in the Mansion House last night.
“But enough about Fifa,” the Chancellor said to laughter from around the Egyptian Hall.
Osborne also pointed out Bank of England Governor Mark Carney was not the first Canadian to address the dinner — New Brunswick-born Andrew Bonar Law was Chancellor in Lloyd George’s War Cabinet 97 years ago.
Bonar Law fell out with Governor of the day, Walter Cunliffe, forcing him from office when he prevented him from getting his hands on the nation’s gold. “Given recent history, Mark, you would be forgiven for doing the same thing,” said Osborne, recalling Gordon Brown’s bargain-basement bullion sell-off, before he moved on to announce measures to increase housebuilding.
Lord Mayor Fiona Woolf talked football too. Diners including Barclays’ Antony Jenkins, GlaxoSmithKline chairman Sir Chris Gent and Royal Mail chairman Donald Brydon heard how, on a recent South American tour, she told audiences her ideal World Cup final would be England v Uruguay, Mexico or Brazil — depending on where she was speaking. But the response was the same. “Everyone seemed to fancy their chances,” she reported.
Young’s board toast their soaring pay
Doubles all round in the boardroom at London’s Young & Co’s Brewery where 30% pay rises for most of the directors have been the order of the day.
Chief executive Stephen Goodyear received a 35% increase to £640,000 while finance director Peter Whitehead’s package rose 33% to £447,000 and retail boss Patrick Dardis’s £439,000 was a 29% increase.
Young’s profits grew by 17% last year and inve stors recived a dividend increase of 6%.
Diageo in cover up
Those swots from the Wall Street Journal cleaned up at drinks giant Diageo’s Clerkenwell quiz night for hacks this week. City Spy couldn’t help but notice all the non-Diageo drinks brands were covered up in the bar.
Spencer's bonus slashed
ICAP founder Michael Spencer’s annual bonus was slashed by 75% to £700,000 last year, largely as a result of the £52 million fine the broker received in connection with the yen Libor rate rigging scandal. But before you shed a tear, remember that Spencer and his family trusts still own 16.9% of Icap and will receive a cool £24 million dividend.
