The finance round-up

Co-Op to be investigated

Co-Op will be investigated for its treatment of its suppliers, following accusations from the Groceries Code Adjudicator that it had fallen short of industry standards. The Co-Op has already paid around 110 suppliers a total of £500,000 to try and make amends. It has been accused of charging suppliers for product assessments.

John Lewis cuts bonuses as profits fall

The John Lewis Partnership, which also owns Waitrose and a chain of department stores, has cut its staff bonus to the lowest level in 64 years after annual profits plunged by 77 percent. The company said 85,000 staff, known as partners because they jointly own the business, would receive a bonus equivalent to 5 percent of annual pay.

Carillion contracts deal fails

Following the announcement that a number of Carillion contracts had been purchased by BGIS, which would have secured 2,500 jobs, the Canadian company has pulled out of the deal. It would have been able to provide services to transport, emergency services and hospitals, amongst other services.

Gender pay gap worst in finance sector

National Women’s’ Day came and went on 8th March, and the issues surrounding the gender pay gap continue to exist. They are most prevalent in the finance sector, with Barclays posting an average gender pay gap of 48 percent, climbing to 79 percent for bonuses. Similar figures are being seen in banks like RBS and Lloyds. The main cause for this is the lack of women in senior roles in these banks.


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Matthew Denton

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September 2021
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