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Barclays paid 428 staff more than £1m in year Libor scandal hit reputation Barclays paid 428 staff more than £1m in year Libor scandal hit reputation
(about 3 hours later)
Barclays paid 428 staff more than £1m in 2012 – the year the bank was fined £290m for rigging Libor.Barclays paid 428 staff more than £1m in 2012 – the year the bank was fined £290m for rigging Libor.
The bank revealed that 1,338 of its bankers received more than £500,000 and more than half its workforce – 71,581 staff – took home £25,000 or less.The bank revealed that 1,338 of its bankers received more than £500,000 and more than half its workforce – 71,581 staff – took home £25,000 or less.
The pay deals at Barclays, which is providing more detailed disclosure about the earnings of its 140,000 staff than in the past, eclipse those at HSBC, Britain's biggest bank. HSBC, the only other bank to publish its annual report so far, has admitted 204 of its employees took home more than £1m.The pay deals at Barclays, which is providing more detailed disclosure about the earnings of its 140,000 staff than in the past, eclipse those at HSBC, Britain's biggest bank. HSBC, the only other bank to publish its annual report so far, has admitted 204 of its employees took home more than £1m.
In accordance with rules set out by the government, Barclays disclosed that its top eight highest paid executives reporting to the chief executive received between £3.7m and £1.2m a year. Rules set out by international regulators show that the bank has 393 "code staff" – those who monitor risks or take risks – who were paid an average of £1.3m. David Hillman, spokesperson for the Robin Hood Tax campaign, said: "Barclays' top bankers may be celebrating, but these bloated rewards are a reminder of just how out of sync with the rest of reality banks have become. If banks can afford to dole out such sums despite being dogged by scandals, they should be contributing more to the society they continue to fleece."
The bank said: "We have made substantial reductions in remuneration, including clawing back £300m of unvested deferred and long-term incentive awards and risk adjustments of £860m to our 2012 incentives pool to reflect the Libor investigation and other risk issues in 2012." TUC general secretary Frances O'Grady said Barclays' attitude to pay justified the EU bonus cap. "Barclays is acting as if the financial crisis never happened. But ordinary people, who have been made to pay for the folly of bankers, have longer memories and will find the size and scale of these payouts obscene," she said.
During the year the bank's chairman, Marcus Agius, chief executive, Bob Diamond and chief operating officer, Jerry del Missier, all resigned following the Libor scandal. Sir David Walker was appointed chairman and Antony Jenkins promoted to chief executive from running the retail bank. In accordance with rules set out by the government, Barclays disclosed that its top eight highest paid executives reporting to the chief executive received between £3.7m and £1.2m a year. Rich Ricci, the race-horse loving banker who runs the investment bank, appears to be the seventh highest paid with £1.5m after he waived his bonus as a result of the Libor fine.
Jenkins was paid a salary for the full year of £833,000, received pensions of £215,000 and benefits of £81,000, while £2.1m of long-term incentive plans from previous years paid out to him. He became chief executive at the end of August. Included in more 25 pages of disclosure of pay, the bank complies with rules set out by international regulators showing that it has 393 "code staff" – those who monitor risks or take risks – who were paid an average of £1.3m.
In 2012 Barclays faced protests for paying £5.7m of tax incurred by Diamond when he relocated to London from the US to become chief executive. In 2012 that bill fell to just over £600,000. During the year the bank's chairman, Marcus Agius, chief executive Bob Diamond and chief operating officer, Jerry del Missier, all resigned following the Libor scandal. Sir David Walker was appointed chairman and Antony Jenkins promoted to chief executive from running the retail bank.
In 2012 Barclays faced protests for paying £5.7m of tax incurred by Diamond when he relocated to London from the US to become chief executive. In 2012 that bill fell to £602,000, which took his pay to £1.9m after he forfeited £19m of shares when he left. Diamond continues to be paid by the bank until July 2013 – a year after he left – including £400,000 in benefits for the period, which appears to indicate that he will receive up to £1m for the first six months of 2013.
Jenkins was paid a salary for the full year of £833,000, received pension contributions of £215,000 and benefits of £81,000, while £2.1m of long-term incentive plans from previous years were paid out to him. He became chief executive at the end of August and during the year was awarded £4.4m of long-term incentive plans which pay out in three years time; the value of £1.5m is assigned for 2012. The bank produced a figure for his pay of £2.5m which takes account of the fact he waived his annual bonus for 2012 and included the £1.5m of the portion of long-term incentives awarded to him.
Agius is receiving £175,000 as an adviser to the Barclays corporate bank.Agius is receiving £175,000 as an adviser to the Barclays corporate bank.
The bank said: "We have made substantial reductions in remuneration, including clawing back £300m of unvested deferred and long-term incentive awards and risk adjustments of £860m to our 2012 incentives pool to reflect the Libor investigation and other risk issues in 2012." Barclays said average bonus was 8% to £4,800 and 45% of all investment bank did not receive bonuses.