Published Date:
30 November 2007
STAFF at troubled bank Northern Rock are to get a pay rise and bonus for their efforts during its three-month financial crisis.
Bosses met with Unite union officials, who last night said that without the help of the staff, there would "simply be no company left to rescue".
The four per cent pay increase, which will be accompanied by a two per cent profit bonus and £200 Christmas bonus, is understood not to have been offered to senior management at the Newcastle-based bank.
A spokesman for Northern Rock said the agreement is fair and recognises the efforts of staff.
Graham Goddard, deputy general secretary of Unite, said: "Staff have proven themselves as the backbone of the company."
The news comes as US private equity firm Olivant prepares to challenge Virgin Money's bid to take over the bank "within days".
It has also emerged that the bank appears to have borrowed another £2.7bn from the Bank of England this week.
The embattled mortgage lender's debts are now thought to total more than £29bn.
The full article contains 181 words and appears in n/a newspaper.
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Last Updated:
30 November 2007 9:51 AM
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Source:
n/a
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Location:
South Shields
