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Article: The bank that lost [pounds sterling]686m gives its boss a 91per cent pay rise.
- Article from:
- Daily Mail (London)
- Article date:
- March 20, 2004
CopyrightCOPYRIGHT 2004 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...