The bonus pool increased by 10 per cent to £2.38bn, even as profits for 2013 fell 32 per cent to £5.2bn.
"We've seen increased levels of attrition, particularly in the US, and it is harder to hire people into the organisation in certain parts of the business," Jenkins said. "I recognise the decision will be difficult for some people, and I have a lot of sympathy, but I must do the right thing for shareholders."
Bonuses come to 38 per cent of the revenue, the same level as last year. Jenkins wants that to fall to the mid-30s in future - but with falling headcount individual bankers may not see pay fall.
However, shareholder group Pirc complained the bonuses are too high, noting the pool is three times larger than the dividend for 2013.
Up to 12,000 jobs will be cut this year across the world, with around 7,000 jobs lost in the
Investment bank profits fell nine per cent to £2.5bn while
However, the total stock of mortgages outstanding rose to £122.8bn, up £8.1bn on the year and giving a 9.9 per cent market share, a record high. Mortgage profits are also rising as funding costs dip but interest rates on the loans increase.
ANALYST VIEWS Interviews by Tim Wallace ARE THERE BUSINESS LINES BARCLAYS RELY ON FOR SOLID FUTURE GROWTH? IAN GORDON INVESTEC Fourth quarter investment bank revenues of £2.1bn were up two per cent quarter on quarter. Fixed income, currencies and commodities was up 12 per cent, which compares favourably with investment bank peers. The broad absence of negative one-offs is in stark contrast to loss-making
SHAILESH RAIKUNDLIA ESPIRITO SANTO Stand out performers were Barclaycard and
GARETH HUNT CANACCORD GENUITY Until we see evidence that absolute costs are falling, that fixed income, currencies and commodities income has stabilised and that investment bank compensation ratios are consistently under 40 per cent, we would expect
RETURN ON EQUITY DOWN TO 4.5% FROM 9.0% LEVERAGE RATIO DOWN TO 3.1% BARCLAYS PROFITS FELL IN 2013 UP TO 12,000 RECORD JOBS CUT THIS YEAR MARKET SHARE OF 9.9% PRE-TAX PROFIT OF
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