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CBI chief praises equity houses and calls for perspective
15/02/2007
Richard Lambert, chief executive of the Confederation of British Industry (CBI), has praised private equity houses, saying that they "offer a compelling model to improve business performance".
He also called for a sense of perspective regarding the level of City bonuses, a system he described as profit-share schemes that reward staff in the good times but not during the bad ones.
In a speech at a business seminar at the Dorchester hotel, Mr Lambert remarked: "The fact that someone is making a big profit does not mean that someone else is making a big loss.
"In a growing economy, it is possible for everyone to benefit."
He added that City firms have created a large number of jobs, with total employment increasing to 330,000 in 2006 and further rises predicted for the next 12 months.
This has brought wider benefits to the professional services sector, the CBI chief concluded.
He also called for a sense of perspective regarding the level of City bonuses, a system he described as profit-share schemes that reward staff in the good times but not during the bad ones.
In a speech at a business seminar at the Dorchester hotel, Mr Lambert remarked: "The fact that someone is making a big profit does not mean that someone else is making a big loss.
"In a growing economy, it is possible for everyone to benefit."
He added that City firms have created a large number of jobs, with total employment increasing to 330,000 in 2006 and further rises predicted for the next 12 months.
This has brought wider benefits to the professional services sector, the CBI chief concluded.