The Bank That Lost [Pounds Sterling]686m Gives Its Boss a 91per Cent Pay Rise
Byline: DARREN BEHAR
ABBEY'S chief executive was paid [pounds sterling]1.7million last year - almost double his predecessor's salary - even though the bank suffered massive losses.
Luqman Arnold was brought in to turn around the bank, which was formerly known as Abbey National, but oversaw losses of [pounds sterling]686million in 2003.
His salary dwarfs the [pounds sterling]883,000 paid to Ian Harley, the previous chief executive who was ousted in 2002.
The 91 per cent increase comes despite the fact that the Abbey was the only major High Street bank to make a loss.
Mr Arnold, 53, is married with a young son and lives in London.
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: The Bank That Lost [Pounds Sterling]686m Gives Its Boss a 91per Cent Pay Rise. Contributors: Not available. Newspaper title: Daily Mail (London). Publication date: March 20, 2004. Page number: 47. © 2007 Daily Mail. COPYRIGHT 2004 Gale Group.
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