Barclays cuts staff bonuses
BANKING giant Barclays said today that it has reduced the bonuses paid to its staff, despite pre-tax profits rising by 32 per cent to £6.1 billion in 2010.
It announced a new compensation system following its Project Merlin deal with the government which will see it pay seven per cent less in performance awards than last year.
At investment banking arm Barclays Capital, which saw pre-tax profits excluding own credit increase by two per cent to 4.4bn, the bonus pool will be 12 per cent lower than last year.
Overall remuneration to staff increased 20 per cent to 11.9bn. Total performance-related pay, including bonuses deferred from previous years, increased by 25 per cent to 3.5bn.