Nationwide Profits Plunge

November 2019 – Nationwide BS Interim Results show this society’s profits suffered a 40% fall from £516m to £309m for the first half year.  However the chief executive Joe Garner states his bonuses are not based on profits.  This seems to be at variance with their annual remuneration report, where unsurprisingly profit is an (unqualified) element.  So, surprise, surprise, the bumper bonuses that he receives just for doing what he is paid to do will be unaffected.

The report also shows costs of £52m for mis-selling PPI and includes repayments of funds to members for imposing charges for unarranged overdrafts as reported in August.

Click Here for Telegraph Report