Britannic offers bonuses

Britannic, the financial services group that is seeking a merger partner, has sought to keep senior staff in its Glasgow-based asset management operation by offering a bonus worth 50% of their basic salaries if they are still there in a year's time.

Britannic Asset Management, with 17bn (€27.51bn) under management, is seen as one of the most saleable parts of the group.

The bonus scheme covers about 35 staff, who are on basic salaries of between 40,000 to 100,000.

Britannic also wants to retain staff who were loyal to Danny O'Neill, the former head of investment who abruptly quit as chief executive in January after only two months so as to spend more time with his young family.