Allfirst bosses to be sacked

SIX bosses at Allied Irish Bank's US subsidiary, where a trader stacked up losses of nearly £500m, are to be sacked following the scandal. In addition, Allfirst chairman Frank Bramble is to retire early, although AIB stressed he had not been involved in the fraud.

The disclosures came in a report following an investigation by top banker and trouble-shooter Eugene Ludwig. It details that trader John Rusnak had "carefully planned" and "meticulously implemented" the fraud over a lengthy period of time, and manipulated weak controls in Allfirst's treasury department. The report also blamed senior management for not appreciating the risks associated with Mr Rusnak's trading style.

HEALTH AXE: Health club operator Esporta is to cut 100 jobs. The company is also varying joining fees, selling advertisements in its gyms and outsourcing the management of its food and drink bars. The job cuts will be spread across the Wokingham group's operations.

PROFITS HIT: Motor dealership-to-Burger King franchise group Gowrings saw profits slide last year after its restaurants were hit by the foot-and-mouth crisis. The group said operating profits at its restaurant division fell from £1.9m to £1.4m in the year to December 31.

LOSSES SPIRAL: Hi-tech group Psion has branded last year the most "difficult and disappointing" period in the company's 21-year history. Turnover slumped from £219.7m to £181.1m, while losses before tax and one-off costs came in at £17.4m.

SHARES FALL: Telecoms firm Energis saw shares fall still further after the group said it would not pay £13.7m interest on its bonds, but had been given 30 days grace to resolve the non-payment. Shares slid nearly 40 per cent after the announcement, to a record low of 2.33p. They later eased to 2.8p.