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325 job losses at Wonga due to restructuring

325 job losses at Wonga due to restructuring Credit: Dominic Lipinski/PA Wire

Wonga has announced restructuring which expected to lead to the loss of 325 jobs.

The payday lender currently employs around 950 people and said the losses come as it aims to, "refocus on its consumer businesses."

Wonga can no longer sustain its high cost base which must be significantly reduced to reflect our evolving business and market. Regrettably, this means we’ve had to take tough but necessary decisions about the size of our workforce. We appreciate how difficult this period will be for all of our colleagues and we’ll support them throughout the consultation process.

– Andy Haste, Chairman, Wonga

The move is hoped to save the company £25 million over the next two years. Wonga said costs at the company tripled between 2012-2014.

There will now be a 30 day consultation period for those who are at risk of losing their jobs.

Payday lenders to have to share deals on comparison sites

Online payday lenders will be ordered to publish details of their products on at least one price comparison website under plans by the competition watchdog to make it easier for borrowers to shop around.

Payday lenders will have to share deals on comparison sites Credit: Rui Vieira/PA Wire

The Competition and Markets Authority (CMA) has made the finding following a investigation, lasting nearly two years, into the payday lending market, which found that a lack of price competition between lenders has led to higher costs for borrowers.

It found that most borrowers do not shop around, partly because of the difficulties in accessing clear and comparable information on the cost of borrowing and a lack of awareness of late fees and additional charges.

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A bad year for HSBC but 320 staff earned more than €1m

So 2014 clearly was not a good year for HSBC. The investment bank made less money but the group as a whole continued to pay penalties for past abuses whether it was in terms of fines or indeed compensation.

It still made a lot of money - just over £12 billion for 2014, down though by 17% on the year before. Profits fell, so did the amount the chief executive earns. Stuart Gulliver took home £7.6m for last year. His bonus was cut by £500,000 because the bank failed to prevent traders manipulating the currency markets.

Remember that fine came at the tail end of last year. The overall bonus pool was also smaller, but 320 staff earned more than a million Euros each. Labour said the scale of the bonuses was astounding given the revelations of the last few days.

Lloyds share sale nets Treasury another £500 million

The Government has netted another £500 million from the sale of shares in Lloyds Banking Group, it was revealed today.

Tax payer owned Lloyds share sale nets Treasury £500 million Credit: Stefan Rousseau/PA Wire

The transactions mean the UK taxpayer now holds a 23.9% stake in the bank, compared with 40% when it was bailed out during the financial crisis.

The amount of money recovered from the bank is now just under £8 billion after the latest round of share sales was launched in December.

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HSBC chief executive earned £7.6m despite poor year

HSBC Stuart Gulliver earned a bonus of £1.3 million last year. Credit: PA

HSBC chief executive Stuart Gulliver earned £7.6 million in 2014 - including a bonus of £1.3 million and an "allowance" of £1.7m - it was revealed today as the group announced its annual figures.

My Gulliver's bonus was down from last year's £1.8 million, mainly due to the impact of a £216 million fine from the Financial Conduct Authority relating to HSBC's failure to prevent the rigging of foreign exchange operations.

The group today announced a 17 percent fall in its annual profits and Gulliver admitted the bank had "disappointed" in 2014.

HSBC report 17% drop in profits

HSBC became embroiled in a tax avoidance row this month. Credit: PA

HSBC has reported a 17 percent drop in annual pre-tax profits to £12.1 billion.

Chief executive Stuart Gulliver admitted that the banking giant had "disappointed" last year, as its share price slid 3 percent in early trading today.

The results were announced as Mr Gulliver was dragged into the ongoing furore over the bank's tax activities following the disclosure that he has a bank account in Switzerland to hold bonus payments.

The group has been mired in allegations that its Swiss private banking subsidiary helped thousands of wealthy clients avoid tax.

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