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‘Competing for talent’? Barclays to cut 12,000 jobs, but raises bonuses 10% to $3.9 bn

Published time: February 11, 2014 10:24
AFP Photo / Leon Neal

AFP Photo / Leon Neal

Britain's Barclays Bank plans to cut about 12,000 jobs worldwide, after profits dropped 32 percent in 2013. A shrinking bottom line is coupled with a 10 percent increase in the bonus pool, which grew to $3.9 billion.

Barclays, one of the UK's biggest lenders, with a staff of 140,000 said it is to cut between 10,000 and 12,000 jobs globally, including 7,000 in Britain.

The announcement follows the bank’s early release of its full year results on Monday that showed its pre-tax profit plummeting to £5.2 billion, well below the £7 billion of 2012.

Meanwhile, the bonus pool rose by 10 percent to £2.38 billion, while the reward for investment bankers was up 13 percent.

"We employ people from Singapore to San Francisco. We compete in global markets for talent. If we are to act in the best interests of our shareholders, we have to make sure we have the best people in the firm," as Barclays chief executive Antony Jenkins told reporters in a conference call.

"At Barclays, we believe in paying for performance and paying competitively," he added.

Barclays PLC Group Chief Executive Antony Jenkins (AFP Photo / Stephen Chernin)

Earlier this year Jenkins waived his entitlement to a 2013 bonus of up to £2.75 million. The bank’s boss cited huge costs Barclays suffered last year from numerous regulatory fines.

The CEO also launched a review of banking practices after it was fined £290 million in the Libor-rigging scandal. The fine also prompted the resignation of former CEO Bob Diamond.

Most recently, Barclays launched an investigation into the theft of personal data from about 27,000 customers, which could add to the banks heavy burden of fines.

Comments (7)

 

achingforchange 12.02.2014 13:23

Bond 12.02.2014 12:54

2013: Barclays profits £4 Billion Pounds. Shareholders dividend: 1 Billion Pounds. Employee bonuses: 2,5 Billion. The remainder for government taxes.

No other business operates in this way. And the customers not allowed any interest on their savings accounts. What a way to run a brothel.

  

Well said. 12,000 staff salaries at £18,000 would reach approximately £216 million, far less than the pay rise the execs have awarded themselves. Totally repugnant.

 

Freaky 11.02.2014 17:18


We have to get rid of the bankers and the dollar as world currency. It is one old boy's network. Kings and Queens are involved with it.
What about the Vatican where some priest where laundering money....I ask myself who's money was that..!!!
The world is become a stinky place, where some Kings and Queens and their war lords, so called leaders think that we still live in the middle ages, and we the people are their servants.
A bunch of elite, exalted people are infecting the majority of the goodwilling people, only to gain more power and money.
It is not right when lobbyist of multinationals can influence government.

 

mergon 11.02.2014 16:26

someone said that there was another crash coming to the point where the big corporations would cutting down to 40% and all this is on the menu for 2014.
Remember when bankers were people to look up to ?
Then we found out what they were really up to !

View all comments (7)
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