Monday, December 23, 2019

Tale of Two Cities

More than 3,500 bankers – mostly working in Canary Wharf or the City of London – are paid more than £850,000 a year, according to data published by the European Banking Authority (EBA). Thirty bankers were paid more than £8.5m and one asset manager collected £35m. Noel Quinn is the interim chief executive of HSBC. He spent his Thursday morning running one of the world biggest banks from his office on the top floor of HSBC’s global headquarters in adjacent Canary Wharf. Quinn is the frontrunner to be appointed permanent CEO. His predecessor, John Flint, was paid £4.6m last year, and was in line to collect a maximum of £11.9m this year. The panoramic view from Quinn’s luxurious office suite takes in the Salvation Army church, where Jane is telling her life story to case workers at the First Love Foundation food bank

A short walk away from the financial district in Tower Hamlets, it is a different story. Tower Hamlets has the capital’s highest level of child poverty, at 43%. More than 20,000 families are on the housing waiting list in Tower Hamlets – almost one in six of all households in the borough.

No comments: