Barclays bonuses up as profits fall

Wednesday 12 February 2014

Banking giant Barclays revealed a 10% hike in its bonus pool to £2.4 billion for 2013 despite posting a 32% drop in underlying annual profits.

The group said its investment banking staff would share £1.6 billion in bonuses, up 13% on 2012, giving an average payout of £60,100 per employee in the division.

Chief executive Antony Jenkins said the bank is "in a better position than we have been for many years".

But yesterday it took the unusual step of announcing its full-year profits a day early, confirming that underlying profits fell to £5.2 billion in 2013, which was below consensus forecast in the City for around £5.4 billion.