Dame Debbie Crosbie spearheaded the mutual’s multi-billion pound acquisition of Virgin Money

The boss of Nationwide has seen her pay packet nearly double as she cashed in on bonus awards after steering the building society’s multi-billion pound acquisition of Virgin Money.

Chief executive Dame Debbie Crosbie took home a total package of £4.67m for the latest financial year to March 31, according to the Swindon-headquartered mutual’s annual report.

This consisted of a fixed salary of £1.2m and bonuses totalling £3.2m, alongside a pension allowance and benefits. This marks a near doubling of the boss’s pay packet for the previous year, which was worth £2.49m.

Nationwide said the increase was due to the chief executive cashing in on a long-term bonus award which was first granted in 2023, and tied to the three-year, financial performance of the building society.

The company’s pay committee said it was “comfortable that remuneration outcomes reflect the society’s excellent performance”.

Nationwide made a pre-tax profit of £1.49bn for the year to the end of March, which was down from the £2.3bn reported the previous year.

The prior year’s earnings had been boosted by a one-off gain from the acquisition of Newcastle-based Virgin Money, which it is currently integrating into the group.

Dame Debbie spearheaded the £2.9bn takeover which was the biggest merger in the UK banking industry since the financial crisis, bringing together Britain’s fifth and sixth largest retail lenders.

The Virgin Money brand is set to be phased out and its customers will be able to transition to Nationwide, while the first rebranding of branches is expected to come in 2028.

Meanwhile, Nationwide will have handed out about £1.5bn to members since 2023 as part of its profit-sharing initiative, after some 4.4 million eligible members get the next £100 payment this month.

But the building society is facing criticism over its handling of the first member-nominated candidate to stand for election to sit on its board.

James Sherwin-Smith is the first customer of the building society to run for a seat in 24 years.

But the current board of Nationwide is recommending that members vote against his election, arguing that he does not have the necessary skills or experience to fulfil the role, and utilising a so-called “quick vote” option through which members can go along with the board’s recommendations in a single action.

A statement from Nationwide’s board said it was “not satisfied that he would contribute constructively and effectively to the board in line with its duty to act in the best interests” of members.

Mr Sherwin-Smith, who says he has spent more than 20 years working in financial services, said: “This election is about much more than one seat on the board.

“It is about whether the owners of Nationwide – its members – have a meaningful voice in the governance of their society.”

He added: “The board argues that I lack the experience necessary to contribute effectively. Members can judge that for themselves.”

Advanced voting opened on Monday ahead of Nationwide’s annual general meeting on July 15.

Sam Bankman-Fried, the former cryptocurrency billionaire serving a 25-year sentence for fraud tied to the 2022 collapse of his FTX exchange, says he would welcome a pardon from President Donald Trump — but insists he has not lobbied the White House for one.

“It would be obviously, you know, ultimately up to the president, not up to me,” Bankman-Fried told FOX Business in an exclusive interview from prison. Asked directly whether he wanted a pardon, he didn’t hesitate: “Absolutely.”

The FTX founder said he has not personally been in contact with the White House or anyone connected to the president. Asked whether his parents or others had reached out on his behalf, he said, “I can’t speak for them.”

FOX Business has reviewed a pardon application filed on Bankman-Fried’s behalf. As it stands, the application seeks clemency only after he finishes serving his sentence.

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The White House, asked for comment, directed FOX Business back to the president’s previous statements that he was not considering a pardon for Bankman-Fried.

‘I didn’t steal user funds’

More than three years after his arrest, Bankman-Fried continues to insist he is innocent. He is appealing his conviction, with a decision pending before the Second Circuit Court of Appeals.

“I didn’t steal user funds,” he said. “Customers have been repaid now 170% or so on their deposits. It’s one of the very few cases where the platform was over-collateralized, where customers were more than made whole. And yet there was, you know, not just a criminal investigation, but a prosecution. And, you know, dozens of years of sentence.”

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Those assertions require context. Bankman-Fried was convicted in 2023 on seven counts — including wire fraud and conspiracy to commit money laundering — for diverting billions of dollars in FTX customer funds, and was sentenced to 25 years in 2024.

The FTX bankruptcy estate has said customers are being repaid in full, with reported recoveries of roughly 118% and higher for some classes of claims. But those repayments were calculated using cryptocurrency prices from November 2022, when the market was near its lows. Customers received cash based on those depressed values rather than their original crypto, and did not capture the market’s subsequent rebound. The estate’s reported recovery figures are also lower than the 170% Bankman-Fried cited.

“Ultimately, customers have been repaid again nearly twice what they had on the platform, and it’s a great disservice to them that it has taken three years,” he added.

A divided reaction

The question of clemency has split those who followed the FTX collapse.

Adam Moskowitz, an attorney who represented FTX victims, told FOX Business he would not stand in the way. “I would not oppose granting Sam a pardon,” he said, noting that as co-lead counsel for hundreds of thousands of FTX victims, “one of the first defendants to offer to help out victims was Mr. Bankman-Fried.”

SAM BANKMAN-FRIED SAYS HE ‘ABSOLUTELY’ WANTS A PRESIDENTIAL PARDON FROM INSIDE HIS FEDERAL PRISON CELL

Others are firmly opposed. Sen. Bernie Moreno, R-Ohio, who sits on the Senate Banking Committee, told Politico that Bankman-Fried “shouldn’t be pardoned” and “should go to jail for a long, long time.”

Life behind bars — and a shout-out from Drake

Bankman-Fried described a prison routine of reading, exercise and “other boring activities.” “I’ve read a number of books since I’ve been in prison,” he said. “You know, I exercise some. Obviously, there’s sleep, shower … daily things like that. And frankly, that’s the bulk of it.”

He has also picked up an unlikely supporter. On his new album “Iceman,” rapper Drake name-checks Bankman-Fried in a lyric that fans have read as a call to free the imprisoned founder.

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Bankman-Fried said he was caught off guard. “I’m very flattered. I appreciate it very much,” he said. “Obviously Drake gives some clues in the song itself, but … that’s a question. Unfortunately, I don’t know how to answer for him.”

The two, Bankman-Fried said, have never met.

Cboe Global Markets (CBOE), a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The company is committed to operating a trusted, inclusive global marketplace, providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX, across North America, Europe and Asia Pacific.

The government on Monday announced an offer for sale (OFS) in state-run NLC India, seeking to divest up to 3% of its stake through a two-day share sale process. The OFS comprises a base offer of 2% equity, equivalent to 2.78 crore shares, along with a greenshoe option of another 1% stake, or 1.39 crore shares, in case of strong investor demand.

The government has fixed the floor price at Rs 303 per share, a discount to the stock’s previous closing price. Based on the floor price, the government stands to raise about Rs 842 crore through the base offer. If the greenshoe option is fully exercised, the total issue size could increase to around Rs 1,263 crore.

The OFS will open for non-retail investors on June 9, while retail investors and eligible employees can bid on June 10. The share sale will be conducted through a separate window mechanism on the BSE and NSE in line with Sebi’s OFS framework.

The transaction forms part of the government’s broader disinvestment programme and comes amid a strong run in PSU stocks over the past few years.

NLC India, formerly known as Neyveli Lignite Corporation, is one of India’s leading mining and power generation companies. The company operates lignite mines and thermal power stations while also expanding its renewable energy portfolio.

The PSU has emerged as a beneficiary of India’s rising power demand and the government’s focus on energy security. In recent years, the company has diversified beyond lignite mining into solar and other renewable energy projects as part of its long-term growth strategy.
The government highlighted NLC India’s strong operational and financial performance while announcing the OFS, describing the company as a long-term investment opportunity supported by consistent profitability and dividend payouts.NLC India has maintained a track record of returning cash to shareholders through regular dividends and has benefited from improving plant performance, higher power generation and growth in mining operations.

The OFS comes at a time when institutional and retail participation in government stake sales has remained healthy, particularly in profitable PSUs with stable cash flows and attractive dividend yields.

Investors will now watch subscription levels closely to gauge demand for the issue, especially given the government’s decision to keep a greenshoe option that allows it to sell an additional 1% stake if the offer is oversubscribed.

TUCSON, Ariz. — Four months after Nancy Guthrie vanished from her home in the Catalina Foothills area near Tucson, the high-profile disappearance of the 84-year-old mother of NBC “Today” co-anchor Savannah Guthrie remains unsolved, with authorities treating it as a suspected abduction and homicide.

A $1 million reward offered by the family for information leading to her safe return or the arrest and conviction of those responsible has generated thousands of tips, yet no arrests have been made and her body has not been recovered. Here is a 10-point timeline summarizing key developments in the case so far.

1. January 31-February 1: Last Seen and Initial Evidence Nancy Guthrie was last seen on January 31 after a family dinner. On February 1, she disappeared from her residence. Blood evidence matching her DNA was found on the porch, along with signs of a possible struggle. A masked individual was captured on doorbell camera footage tampering with the camera shortly before the disappearance.
2. Early February: Law Enforcement Response The Pima County Sheriff’s Office launched an investigation, joined by the FBI, Customs and Border Protection and search-and-rescue teams. Multiple searches of the surrounding desert terrain began immediately using cadaver dogs, drones and ground teams. A $1 million reward was announced.
3. February 24: Savannah Guthrie’s First Public Appeal Savannah Guthrie posted an emotional video on Instagram, saying, “Every hour and minute and second and every long night has been agony.” She added, “Worrying about her, and fearing for her, and aching for her, and most of all just missing her,” while urging the public to pray and provide information.
4. March: Religious Imagery and Continued Hope Savannah Guthrie shared a religious image on Instagram Stories with the caption “I believe, I believe,” reflecting the family’s ongoing hope for Nancy’s safe return.
5. May 12: Sheriff’s Update on Evidence Pima County Sheriff Chris Nanos stated, “I think every day they get closer. There’s way too much work to be done, that is ongoing, with some of the physical evidence we have.” Mixed DNA found near the home continued to be analyzed.
6. Mid-May: Expert Analysis on No-Body Homicide No-body homicide expert Tad DiBiase noted the case’s unusual nature as a potential stranger-on-stranger abduction of an elderly victim. He stressed the importance of thorough searches to rule out alternatives and build a prosecutable case.
7. Late May: Jon Buehler’s Grim Assessment Former detective Jon Buehler expressed concern that Nancy likely did not survive, citing the lack of ransom demands and the volume of blood at the scene. “The amount of blood that was present there in the front of the house suggests to me a wound that was bleeding a lot,” he said.
8. Mother’s Day Tribute Savannah Guthrie shared a video compilation of clips featuring her mother, offering a touching tribute while the family continued to cope with uncertainty.
9. Early June: Savannah’s Latest Emotional Plea On June 7, Savannah posted another religious image with the caption “Oh my, my soul, it cries out, soul, it cries out,” followed by “Bring her home” and a yellow heart emoji, renewing the public call for information.
10. Ongoing Investigation as of June 8 The case remains active with no new major breakthroughs publicly announced. Authorities continue processing evidence, pursuing leads and evaluating tips. The family maintains hope while urging the community to come forward with any information.

The disappearance has shaken the upscale Catalina Foothills community and highlighted vulnerabilities for elderly residents living independently. Savannah Guthrie has balanced her high-visibility role on “Today” with supporting her family, occasionally sharing public appeals while respecting the investigation’s boundaries.

Pima County Sheriff’s officials have described the case as complex, citing laboratory backlogs for DNA and other forensic evidence. Digital forensics, neighbor interviews and analysis of potential vehicle activity remain key components. No public persons of interest have been named, though multiple individuals were questioned early in the probe.

Expert commentary has provided context on the challenges. Tad DiBiase noted that most no-body cases involve known relationships, making this apparent stranger abduction particularly difficult. Jon Buehler’s assessment reflected common patterns but emphasized the need for continued searches.

The family’s public statements reflect both grief and determination. In the KVOA News 4 special, they said, “We continue to believe it is Tucsonans, and the greater southern Arizona community, that hold the key to finding resolution in this case.”

Nancy Guthrie was described by family as independent and vibrant. Her sudden vanishing has prompted broader conversations about safety for seniors and the difficulties of missing persons investigations when foul play is suspected but no body is found.

Community response has included participation in early searches, vigils and ongoing offers of assistance. The case has also sparked discussions about home security and neighborhood watch programs in the Tucson area.

As the investigation enters its fifth month, pressure builds on law enforcement to deliver answers. Thorough searches, as recommended by experts, could prove pivotal both in potentially locating remains and in supporting any future prosecution.

Savannah Guthrie’s platform has amplified the call for information while modeling resilience. Her willingness to share glimpses of the family’s pain humanizes the broader statistics of missing persons cases.

For the Guthrie family, each day without answers brings new emotional challenges. The prolonged uncertainty compounds grief, with hope persisting alongside fear for Nancy’s well-being.

Authorities urge anyone with information, no matter how small, to contact the Pima County Sheriff’s Office or the FBI. Tips can often be submitted anonymously, and the reward provides additional incentive.

The coming weeks will be critical as forensic analysis continues and new leads are evaluated. The Guthrie family, supported by friends, colleagues and the Tucson community, holds onto hope while facing the daily reality of not knowing.

Nancy Guthrie’s story, amplified through her daughter’s platform, highlights both the personal toll of such disappearances and the collective responsibility to assist in bringing missing loved ones home. As the search continues, the focus remains on methodical work that could eventually provide resolution for the family and the community.

SpaceX’s initial public offering is well oversubscribed, according to people familiar with the matter, as demand builds for a potentially record-setting debut.

Banks leading the offering by Elon Musk’s rocket, satellite and artificial intelligence company are expected to stop taking orders from institutional investors on Wednesday after the market closes in New York at 4 p.m., some of the people said, asking not to be identified as the information isn’t public.

Closing the order books gives banks time to gauge demand ahead and advise the company on pricing. SpaceX’s IPO is expected to price June 11 and trade the following day. The company is offering 555.6 million shares at $135 each, which would raise about $75 billion, and value it at about $1.8 trillion.

Retail investors can still submit orders for SpaceX shares on some platforms beyond the Wednesday deadline. The company is allocating as much as 30% of the offering to retail, Bloomberg News has reported.

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A spokesperson for SpaceX didn’t immediately respond to a request for comment. Representatives for Goldman Sachs Group Inc. and Morgan Stanley declined to comment.
Anticipation is growing for the IPO which is expected to be the biggest ever, topping Saudi Aramco’s $29.4 billion debut in 2019. The company has disclosed new sources of revenue in recent weeks, emphasizing its AI clout. On Friday, SpaceX announced a deal with Alphabet Inc.’s Google that would see the Gemini AI model maker pay $920 million a month as part of a cloud services agreement set to run through 2029. It previously disclosed a similar pact with Anthropic PBC.The company formally known as Space Exploration Technologies Corp. expects to make its debut on Nasdaq and Nasdaq Texas under the symbol SPCX.