Skip to main content

Barclays caps bonuses at £65,000

 

Barclays announced on Friday that it was capping cash bonuses at £65,000 as it reported a 3% fall in profits to £5.9bn. The bank also admitted it may miss the targets it had set itself for making returns to shareholders. Providing more detail about bonuses than usual, the bank said that the value of bonus per group employee was down 21% year on year to £15,200, while the average value of bonus per employee at Barclays Capital, its investment banking arm, was down 30% to £64,000 - just below the value of the cap. The bank said that annual bonuses for executives and its eight highest paid employees were down 48%. Chief executive Bob Diamond received a bonus in shares of £1.8m in 2010 so, if he is in line with the average, this might indicate that his bonus would be around £900,000. Barclays shares were down 3% at 225.9p in early trading. But the bank admitted that its return on equity was just 6.6% in 2011 - down from 8.8% the year before and well below the target of 13% set by Diamond. "Since setting the target the worse than predicted macro economic conditions, in addition to new regulatory constraints, mean that we may not be able to deliver 13% returns by 2013," the bank said. "We are not satisfied with the return on equity we delivered in 2011 and are committed to delivering steady improvement moving forwards. Our rock solid capital, liquidity and funding positions provide us with the flexibility and confidence to meet the economic and regulatory challenges ahead," Diamond added.

Labels:

Comments

Post a Comment

You abuse this website by submitting comments or links to other websites that contain:

Any kind of pornographic material.
Any kind of illegal material.
Any kind of online marketplace, legal or illegal.
Racism related content.
Abusive or insulting accent towards the author or any other reader.
Your interaction with this website violates the web hosting company’s terms of use or the web site’s license.

Popular posts from this blog

Ebola outbreak vastly underestimated

The death toll from the world's worst outbreak of Ebola stood on Wednesday at 1,069 from 1,975 confirmed, probable and suspected cases, the agency said. The majority were in Guinea, Sierra Leone and Liberia, while four people have died in Nigeria. The agency's apparent acknowledgement the situation is worse than previously thought could spur governments and aid organisations to take stronger measures against the virus. "Staff at the outbreak sites see evidence that the numbers of reported cases and deaths vastly underestimate the magnitude of the outbreak," the organisation said. "WHO is coordinating a massive scaling up of the international response, marshalling support from individual countries, disease control agencies, agencies within the United Nations system, and others." International agencies are looking into emergency food drops and truck convoys to reach hungry people in Liberia and Sierra Leone cordoned off from the outside world to halt the sprea...
Post a Comment
Read more

Four of the last reporters and photographers willing to cover crime stories have been slain in less than a week in violence-torn Veracruz state

Four of the last reporters and photographers willing to cover crime stories have been slain in less than a week in violence-torn Veracruz state, where two Mexican drug cartels are warring over control of smuggling routes and targeting sources of independent information. The brutal campaign is bleeding the media and threatening to turn Veracruz into the latest state in Mexico where fear snuffs out reporting on the drug war. Three photojournalists who worked the perilous crime beat in the port city of Veracruz were found dismembered and dumped in plastic bags in a canal Thursday, less than a week after a reporter for an investigative newsmagazine was beaten and strangled in her home in the state capital of Xalapa. Press freedom groups said all three photographers had temporarily fled the state after receiving threats last year. The organizations called for immediate government action to halt a wave of attacks that has killed at least seven current and former reporters and photographer...
Post a Comment
Read more

Former British and European champion boxer Jamie Moore has been shot in Marbella

Former British and European champion boxer Jamie Moore has been shot in Marbella - apparently in both legs. Moore, the former European light-middleweight champion, was in Spain working at a gym owned by boxer, Matthew Macklin, who he is training. It is understood the 35-year-old Moore, from Walkden, Greater Manchester, has now left hospital after treatment. Moore, highly regarded in the sport, was on the verge of a WBC title shot, in 2009, but decided to quit the sport in 2010 on medical grounds. Moore is a former two-time British light-middleweight champion and Commonwealth champion. A source told  the Manchester Evening News : "It would appear he was out and about, not at the gym, when he was shot." A spokesman for the Foreign Office confirmed that a British national had been shot over the weekend. Moore was helping prepare Mackin for a fight in Dublin later this month against Argentinian, Jorge Sebastian-Heiland for the WBC international midldeweight title. As well as a wo...
Post a Comment
Read more