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Is this the end of the mega bonus?

With banks going into the remuneration-setting period for 2009, having a chief executive forgoing their bonus seems to be the new black for this year's Christmas party season. But banks and other City institutions will continue to try paying bonuses to their other staff and management, although they should not expect much next year.

David Prosser: It's not how big the bonus is, but how you hand it out

Wouldn't it be lovely to characterise the decision by Goldman Sachs executives to give up their bonuses as a triumph for the millions of mere mortals who have been enraged by the staggering awards paid to investment bankers? Would that it were so, but the reality of the Goldman affair is more spin than substance.

David Prosser: We're all still waiting to see those lending promises honoured

Outlook Alistair Darling's promise that in return for handing over taxpayers' cash he would force banks to get back to the levels of lending seen in 2007 always looked something of a pipedream. It still does, despite the Prime Minister insisting yesterday that proposals are in the pipeline to force banks to do more for small businesses, at least.

UK October budget deficit widens
The UK's public sector net borrowing widened by £1.4bn in October ahead of the pre-Budget report, official figures show.
EasyJet and Virgin in talks for Gatwick bid

Sir Richard Branson's airline Virgin Atlantic today confirmed it was in talks to form a bidding consortium to run Gatwick airport.

The Big Question: Why is General Motors in such trouble, and can it be saved?

Credit crunch syndrome hits Irish property investment in China

Irish investors in the Treasury Holdings associate company China Real Estate Opportunities (CREO) are probably pinning their hopes that the Chinese government's plans to boost its economy will also help the recovery in the share price.

Billionaire Merckle family caught short by VW shares

Germany's billionaire Merckle family, stung by losses on Volkswagen AG shares, made personal guarantees for the first time that may save an investment unit from insolvency and eliminate risks for other holdings, according to a number o sources familiar with the situation.

Economy may shrink by huge 4pc next year warns IBEC

THE employers' body IBEC has joined the growing ranks of economists who say the economy could shrink by a huge 4pc next year.

It's official: eurozone collapses into its first recession

Europe's economy officially collapsed into recession for the first time since its inception during the third quarter, boosting hopes that the European Central Bank will be forced to cut interest rates again in December.

Surprise as High Street fights back

Official sales figures from the UK high street continued to defy expectations today.

Margareta Pagano: We could come out of this crisis in much better shape

Is all this gloomy talk making things much worse? This may seem a little odd to ask after a week in which more than 20,000 people lost their jobs. On Friday another 3,000 jobs went at Royal Bank of Scotland while Citibank said it was slashing 10,000 jobs , many of them at Canary Wharf. Two more banks, Clydesdale and Yorkshire, are planning to cut 350 jobs and many more thousands will go from financial services.

Insurers agree on 'illness' policies

LIFE insurance companies have agreed to a common wording on what constitutes a serious illness for insurance policies.

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