The British bank, which received capital injections from
The company has 600 employees in the
The bank's fourth-quarter adjusted pre-tax profits fell to £194 million in the fourth quarter of 2013, compared to adjusted pre-tax profits of £1.09bn in the same quarter a year earlier. This figure was affected by a one-off charge of £330m to settle lawsuits and regulatory penalties.
Mounting fines and regulatory set-asides have eaten into
"It's a grossly inappropriate time to increase variable compensation [bonuses] by £200m," said
"It's revenue flat and costs up, without an adequate explanation for why, or a forward-looking explanation as to what transforms that story going forward," said
"Our industry is going through what I regard as a 100-year transformation," said the chief executive
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