PRODUCT PROFILE

Latest Dublin Prices

Barclays paid 428 staff over Stg1m each

Friday, March 08 15:15:24

Britain's Barclays paid over 400 bankers one million pounds or more in 2012, a scandal-hit year that saw Chief Executive Bob Diamond ousted and his successor vow reform.

Some 428 bankers made the one million mark, down from 473 in 2011, according to new disclosures in Barclays' annual report released on Friday.

Barclays said five staff were paid over 5 million pounds last year, down from 17 people in 2011.

Fifty were paid between 2.5 million and 5 million pounds and 373 staff received 1 million to 2.5 million.

Chief Executive Antony Jenkins was paid 2.6 million pounds, including 1.8 million after becoming CEO on Aug. 30 and a long-term share award.

He said last month he would forgo his bonus after the bank's tough year, when it was fined $450 million for rigging Libor interest rates, prompting former CEO Diamond and its chairman to quit.

Diamond took home 17 million pounds in 2011 and was regularly slammed by politicians for the scale of his pay.

He quit in July and waived 20 million pounds of unvested bonuses when he left, and was paid 1.3 million pounds for 2012. He will receive a lump sum in July of about 2 million pounds for his salary, pension and benefits in the year since leaving.

His successor Jenkins, previously head of retail and business banking, last month said he would axe at least 3,700 jobs and prune the investment bank.

He has cut pay for investment bankers, halted speculative trading in agricultural commodities and closed a profitable tax advisory unit. He has also pledged higher dividends for investors.

Jenkins has said technology will also transform the bank, and recently told investors such innovations could see its workforce reduced by around a quarter to 100,000 in the long-term. Reuters