Economy
Lloyds Banking axes top pensions |
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| Economy | |
| Written by Sharecast | |
| Friday, 01 May 2009 | |
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Morning Business News: Lloyds Banking Group, Chrysler is broke and the beginning of a bull market? Lloyds Banking Group (LON:LLOY) took the axe to generous final-salary pensions in the boardroom yesterday but insisted that there were no plans to end similar benefits for about 60,000 staff. But, Eric Daniels, who waived his cash bonus for 2008 in the light of the decimation of his bank's share price, could still make £4m from a share scheme. Lloyds' annual report, published yesterday, said the remuneration committee had decided to give Mr Daniels and two other directors an award in shares worth up to 375%of their 2008 salary if they meet certain performance criteria under a long-term incentive plan, adds the Telegraph. In early Friday trading Lloyds Banking Group shares were lower by 1.79 percent at 110 as the rally in banking shares appears to ease off. Chrysler bankruptChrysler, America’s third-biggest carmaker, went into Chapter 11 bankruptcy protection yesterday, having won $8bn (£5.4bn) in US government funding to help it to restructure. President Obama vowed to use the court process to wipe out the investments of rebel fund managers that refused to give up their claims to Chrysler’s debt, forcing the company into Chapter 11, reports the Times. A banking rally?Hopes that the bear market in equities is over were buoyed as shares rose and more analysts speculated we could be in the early stages of a bull market. The benchmark FTSE 100 index rose by 1.3%, capping its biggest monthly increase since 2003. The market's buoyancy comes with many experts claiming that the worst of the financial crisis and market slides are now over, reports the Telegraph. Since the lows in March, the S&P 500 has surged about 30%, the FTSE 100 is up 21%, the pan-European FTSE Eurofirst 300 has risen 26% and the Nikkei 225 Average has jumped 25%, adds the FT.
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