Newspaper article The Journal (Newcastle, England)

Northern Rock Staff Get Pay Rise; Takeover Talks Continue

Newspaper article The Journal (Newcastle, England)

Northern Rock Staff Get Pay Rise; Takeover Talks Continue

Article excerpt

Byline: By Chris Robinson

WORKERS at troubled Northern Rock were last night awarded a 4% pay increase and bonus for their efforts during the three-month crisis.

Bosses met with Unite union officials who last night said that without the help of staff at the bank, the North-East's largest financial institution, "there would simply be no company left to rescue".

The 4% increase, which will be accompanied by a 2% profit bonus and pounds 200 Christmas bonus, is understood not to have been offered to senior management with the Gosforth-based bank.

It comes as private equity firm Olivant, led by former Abbey boss Luqman Arnold, prepares to challenge Sir Richard Branson's Virgin Money bid by outlining its proposals "within days".

Last night, chief executive Jayne-Anne Gadhia told The Journal that talks are still on-going with the board, however no meetings have yet been planned with the charitable arm of the bank, The Northern Rock Foundation. …

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