Barclays bonuses rise by 10%

Staff bonuses at Barclays rose by 10% last year to £2.38bn, according to the bank’s annual results.

Statutory pre-tax profits rose to £2.9bn, however, adjusted profits fell to £5.2bn, after restructuring and legal costs.

Chief executive Antony Jenkins, who has waived his own annual bonus, this year said: “At Barclays, we believe in paying for performance and paying competitively.”

The rise in bonuses was to attract and keep the best staff, at the interest of the shareholders, he added.

Job losses

The bank also announced today it is cutting 10,000 to 12,000 jobs this year. A total of 7,000 of those job losses will be in the UK.

Barclays said it had already told about half of those affected and it hoped it would make most of the cuts voluntarily.

Around 820 of the jobs it plans to lose are senior manager roles, of which 220 are managing directors and 600 directors.

About 400 of those senior job cuts are from the investment bank.

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