Marks & Spencer slash staff bonuses despite £1bn profits

Around 75,000 employees of Marks & Spencer face slashed bonus pay-outs this week despite the retail giant achieving £1bn (€1.25bn) in profits for the first time in a decade, it was reported today.

M&S - which suffered a disappointing Christmas amid darkening economic clouds - paid out a record £91m (€114.4m) last year to staff, with chief executive Stuart Rose's total bonus topping £2.6m (€3.26m).