The Bank That Lost [Pounds Sterling]686m Gives Its Boss a 91per Cent Pay Rise

Daily Mail (London), March 20, 2004 | Go to article overview

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.

Although he is a British citizen, Abbey is the first British company he has worked for. He was born in Calcutta where his father was in the Indian Civil Service. His mother is a Bengali who was educated in Dublin.

Last year, he oversaw a major revamp for the bank which dropped 'National' from its name in an effort to revive its flagging fortunes.

Out went the bank's umbrella logo and the slogan ' because life is complicated enough'. In their place, Abbey uses the banner 'turning banking on its head'.

Mr Arnold's 91 per cent rise highlights the staggering pay being given to Britain's top bankers.

Total salary, bonus and benefit packages paid to the bosses of the High Street's biggest banks are expected to exceed [pounds sterling]50million this year. Typically bank bosses are enjoying pay rises of between 15 and 20 per cent - up to five times the average rise in Britain.

Eddie Weatherill, of consumer group the Independent Banking Advisory Service, said: 'People have had enough.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

The Bank That Lost [Pounds Sterling]686m Gives Its Boss a 91per Cent Pay Rise
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.