If you’re having trouble logging in, follow our helpful interactive guide: tsb.co.uk/login-issues.Have you looked at our mobile app FAQs: tsb.co.uk/help/mobile-app/faqs?.To use Face ID you need the iPhone X or later.To use Touch ID requires at least an iPhone 5S.You'll need to be a UK resident to apply for new products. You’ll need to be a personal TSB customer and have a device running iOS 11 or above.Identify a payment by the retailer logo next to the transaction.Log in securely with your fingerprint or face ID.But the Norwegian Lund makes an unlikely figure to police BP’s traditional excess.Manage your money on the go – check your balance, pay a bill, send money, move money – into a savings account or into a Savings Pot. It wasn’t his fault, of course, that BG’s board wanted to shower him with incentives, or that Shell soon made a takeover bid that crystallised his windfall. His £25m signing-on package at BG Group caused a stink in 2015. Unfortunately, Helge Lund is used to being the target of revolting shareholders. Just what BP needs as its new chairman – an expert in boardroom pay rows. At a rough guess, that covers the work of about 20 principal individuals in a negotiation where there was goodwill on both sides and the heavy all-night sessions were probably compressed into a fortnight. In total, the two sets of banking advisers in the Nex/CME alliance are collecting almost £60m. Directors convince themselves this is the inevitable price of doing business and, in non-hostile takeover bids, nobody makes a fuss. It’s just what the City and Wall Street has been able to demand from compliant clients. How on earth, then, do Nex and CME, which itself clocked up £21.9m on financial advice (principally from Barclays and JP Morgan), justify the sums? There is no explanation, of course. Indeed, the way Terry Duffy, the boss at CME tells the tale, the tricky part of the negotiation was conducted one-on-one with Spencer before the talks became public. Nex is doing a smaller friendly deal that involved no extended scrapping in public. The UK engineering firm was fighting a hostile bid over a 60-day timetable. Yes, Nex’s bill is slightly less than half GKN’s, but consider the differences. Formal documentation shows the lion’s share of £37.9m is ear-marked for “financial and corporate broking advice” – meaning the services of investment bankers at Citigroup, Evercore and Goldman Sachs. Nex Group, Michael Spencer’s financial technology outfit, has somehow found itself on the hook for £45.4m as it is bought by Chicago-based CME Group for £3.9bn. There has rightly been outrage over the advisory fees racked up by GKN as it tried, unsuccessfully, to defend itself against Melrose’s hostile bid – a cool £107m, including a ridiculous £27m dispatched to advisers acting for Dana, the US firm that wanted to buy GKN’s automotive division.īut here’s a deal where the bankers’ bonanza looks even more extreme. Banking advisers get another payday in Nex takeover The head of an overseas subsidiary usually makes a suitable fall guy. He should have made the gesture, but he may be wondering if the internal blame game will end with his exit and the usual contractual wrangles. In the circumstances, you can understand why Pester dodged questions about whether he’d accept a bonus this year. IBM’s emergency crew won’t come cheap either, and there’s a likely financial whack from UK regulators to come. Pester’s giveaways – no overdraft fees for a month and a better interest rate on the main current account – will cost another £20m-plus. Over in Spain, Sabadell unveiled an additional €77m (£67m) charge related to its TSB project, which may indicate the IT challenge has been steeper than anybody has previously cared to admit. Nor will tensions ease, one suspects, as the bills rise. The mood probably won’t improve as overworked TSB staff see pictures of Sabadell contractors drinking sparkling wine on Monday to celebrate the “success” of the data transfer.
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