George Hay coordinates European financial coverage and writes about macroeconomics, the euro zone and UK/European financial policy. He covered European banks for Breakingviews during the financial crisis, and has also worked as a correspondent for AFX News and at United Business Media. He attended Edinburgh University and his work has been recognised at the UK’s Business Journalist of the Year Awards. Follow George on Twitter @gfhay
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The outgoing Prudential CEO was paid 8.3 mln stg in shares for hitting long-term targets. Given his record, the largesse can be defended. But the UK insurer - and fund manager – should follow peers in requiring such awards to be held until outperformance is proved sustainable.
The darkest scenario of British banks’ annual stress tests sees prices fall for over a year at home, and nearly four in the euro zone. Last year the ECB didn’t factor in deflation risk at all. The Bank of England is obviously freer to consider the possibility of its own failure.
The veteran Italian banker will leave as chair of the Sienese lender after its next rights issue. Alessandro Profumo revamped MPS governance but the bank’s future remains up in the air. As with his previous role as UniCredit CEO, there have been hits and misses.
- ECB torn between two roles in Greek bank support
- UK gets its tax incentives in a muddle
- London doesn't need to stress-test foreign banks
- Deutsche Bank's main stress test still to come
- UK can get by without homegrown investment banks
- Next Prudential chief’s job harder than it looks
- UK retreat from RBS is more important than value