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| Barclays bonus pool increases 10% despite profit slump | |
| (35 minutes later) | |
| Barclays increased its bonus poll for top staff by 10 per cent to £2.4bn last year, from £2.1bn in 2012, despite posting a drop in full-year profits. | |
| The bank's bonus pool for its investment banking division jumped 13 per cent, despite making a fourth quarter loss of £329 million. | |
| Chief executive Antony Jenkins, who turned down his £2.7 million bonus, defended the move arguing the bank believes "in paying for performance and paying competitively". | Chief executive Antony Jenkins, who turned down his £2.7 million bonus, defended the move arguing the bank believes "in paying for performance and paying competitively". |
| TUC General Secretary Frances O’Grady said the bank had "stuck two fingers up to hard-pressed families across Britain" by announcing another multi-billion pound bonus pool. | TUC General Secretary Frances O’Grady said the bank had "stuck two fingers up to hard-pressed families across Britain" by announcing another multi-billion pound bonus pool. |
| She added: "The government must prioritise the needs of struggling families and small businesses continuing to be starved of credit over the wealth of their City chums by clamping down on mega bonuses and ensuring big business starts to pay its fair share of tax." | She added: "The government must prioritise the needs of struggling families and small businesses continuing to be starved of credit over the wealth of their City chums by clamping down on mega bonuses and ensuring big business starts to pay its fair share of tax." |
| Jenkins confirmed the bank would axe 12,000 jobs, including 7,000 UK jobs, in a bid to slash £1.7 billion in costs by 2015. | Jenkins confirmed the bank would axe 12,000 jobs, including 7,000 UK jobs, in a bid to slash £1.7 billion in costs by 2015. |
| The announcement comes a day after the bank was forced to release headline profit figures nearly 24 hours ahead of schedule in a further embarrassment for the bank following the theft of thousands of customers’ confidential data. | The announcement comes a day after the bank was forced to release headline profit figures nearly 24 hours ahead of schedule in a further embarrassment for the bank following the theft of thousands of customers’ confidential data. |
| Barclays reported adjusted profits before tax fell from £7 billion to £5.2 billion in 2013, while statutory profits had jumped from £246 million to £2.9 billion. |