The bank's new boss,
The TUC accused the bank of "sticking two fingers up to hard-pressed families across
But the harshest words came from the
The main investor body, the Association British of Insurers, refused to respond to Barker's accusation that investors were "supine" in failing to control pay at
The position of the bank's chair of remuneration committee Sir
The total bonus pay for 2013 is pounds 2.4bn - up from pounds 2.2bn a year ago. Within that, the investment bankers enjoyed bonuses of pounds 1.6bn compared with pounds 1.4bn a year ago, even though their division suffered a loss in the fourth quarter and its annual profits tumbled 37%. Profits across the group, which also includes high street banking, Barclaycard and operations in
On a statutory basis - including accounting quirks and other one-off items - the profits were higher, at pounds 2.9bn.
Jenkins, who has waived his own pounds 2.7m bonus, insisted he had the support of shareholders for the higher bonuses, which had to be paid because he had no control over market-led pay. He also insisted the bank was acting within the "spirit and letter" of the law by paying monthly "allowances" to key staff who might otherwise face pay cuts as a result of the new EU cap on bonuses, which will limit payouts next year to 100% of salary, or 200% if shareholders approve.
"If we are to act in the best interests of our shareholders we have to make sure we have the best people in the firm," Jenkins said.
The average bonus per member of staff, accross the bank, is pounds 17,000, up from pounds 15,600. However, the average payout in the investment banking operation is pounds 60,100, up from pounds 54,500. The bonuses to the highest paid staff will be revealed next month when the bank publishes its annual report. Last year it handed more than pounds 1m to 428 of its bankers.
Jenkins said 820 senior roles are to be cut - or 10%. He also disputed concerns about the impact of job cuts on customer service. 7,000 of the 12,000 job cuts will be in the
"Customers can now do their banking when its convenient to them, not . . . us. Technology allows [us] to reduce headcount," said Jenkins.
Even the presentation to City analysts was dominated by questions about bonuses and the investment bank. "Analysts were "perplexed" and "disappointed" by the investment bank pay rises," said independent analyst
A year ago when Jenkins announced his plan to turn
Critics included the
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