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| Barclays to cut 12,000 jobs as bonus pool jumps 10% despite profit slump | Barclays to cut 12,000 jobs as bonus pool jumps 10% despite profit slump |
| (35 minutes later) | |
| Barclays has announced plans to axe up to 12,000 jobs, including 7,000 positions in the UK, by 2015 in a bid to slash costs despite hiking compensation for investment bankers. | Barclays has announced plans to axe up to 12,000 jobs, including 7,000 positions in the UK, by 2015 in a bid to slash costs despite hiking compensation for investment bankers. |
| The lender said the cuts include 820 senior manager roles, of which 220 were managing directors and 600 directors, as part of what Barclays described as a "streamlining" programme. | The lender said the cuts include 820 senior manager roles, of which 220 were managing directors and 600 directors, as part of what Barclays described as a "streamlining" programme. |
| The bank said half of the UK staff affected by the cuts has been notified and it hopes to make the majority of redundancies voluntarily. | |
| The fresh cuts come as the bank announced its bonus pool for top staff increased 10 per cent to £2.4bn last year, from £2.1bn in 2012, despite posting a drop in full-year profits. | The fresh cuts come as the bank announced its bonus pool for top staff increased 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. | The bank's bonus pool for its investment banking division jumped 13 per cent, despite making a fourth quarter loss of £329 million. |
| Barclays' compensation-to-income ratio climbed to 43.2 per cent last year from 40 per cent in 2012. The bank previously said it is aiming for a compensation ratio in the mid-30s. | Barclays' compensation-to-income ratio climbed to 43.2 per cent last year from 40 per cent in 2012. The bank previously said it is aiming for a compensation ratio in the mid-30s. |
| 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. |
| The announcement comes a day after Barclays 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. | 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. |