No golden handshake for Northern Rock chief - papers 22 Nov

Talks between the bank’s board and Mr Applegarth, who announced his resignation last week, are continuing, but the chief executive is likely to depart at the end of January with about £380,000. He is not expected to receive a bonus for the year, a contribution to his pension fund or severance pay. Mr Applegarth’s basic pay this year was due to come to £760,000. Last year he received a bonus of £660,000. The 46-year-old last year had a pension pot worth £2.2 million, which would provide him with a £266,000-a-year income from age 60. The bank declined to comment on the pay negotiations....