Barclays hikes bonuses despite drop in profits

Staff at the bank shared a total bonus pot of 2.378bn. Picture: Getty
Staff at the bank shared a total bonus pot of 2.378bn. Picture: Getty
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Banking giant Barclays today said its bonus pot swelled to almost £2.4 billion last year, despite profits falling by a third to £5.2bn.

The profit figure was rushed out by the group in an unscheduled statement yesterday after some details appeared in a newspaper, and today’s results confirm that adjusted pre-tax profits fell 32 per cent in 2013.

However, statutory pre-tax profits soared to almost £2.9bn, from £797 million the previous year, thanks to lower interest charges on the bank’s own debt.

Chief executive Antony Jenkins said: “2013 has been a year of considerable change for Barclays.

“I am pleased with the progress we made in starting to rebuild trust, defining and implementing a common culture, repositioning the business for the future, and strengthening our balance sheet.”

Staff at the bank shared a total bonus pot of £2.378bn, an increase of almost 10 per cent on 2012, with the average payout per employee at its investment bank rising from £54,500 to £60,100.

Barclays said: “There has been strong differentiation on the basis of individual performance to allow the group to manage compensation costs but also to remain competitive.”