Barclays Paid 428 Staff More Than £1m in Year Libor Scandal Hit Reputation

Barclays paid 428 staff more than £1m in 2012 – the year the bank was fined £290m for rigging Libor.

The bank revealed that 1,338 of its bankers received more than £500,000 and more than half its workforce – 71,581 staff – took home £25,000 or less.

The pay deals at Barclays, which is providing more detailed disclosure about the earnings of its 140,000 staff than in the past, eclipse those at HSBC, Britain's biggest bank. HSBC, the only other bank to publish its annual report so far, has admitted 204 of its employees took home more than £1m.

In accordance with rules set out by the government, Barclays disclosed that its top eight highest paid executives reporting to the chief executive received between £3.7m and £1.2m a year. Rules set out by international regulators show that the bank has 393 "code staff" – those who monitor risks or take risks – who were paid an average of £1.3m.

The bank said: "We have made substantial reductions in remuneration, including clawing back £300m of unvested deferred and long-term incentive awards and risk adjustments of £860m to our 2012 incentives pool to reflect the Libor investigation and other risk issues in 2012."

During the year the bank's chairman, Marcus Agius, chief executive, Bob Diamond and chief operating officer, Jerry del Missier, all resigned following the Libor scandal. Sir David Walker was appointed chairman and Antony Jenkins promoted to chief executive from running the retail bank.

Jenkins was paid a salary for the full year of £833,000, received pensions of £215,000 and benefits of £81,000, while £2.1m of long-term incentive plans from previous years paid out to him. He became chief executive at the end of August.

In 2012 Barclays faced protests for paying £5.7m of tax incurred by Diamond when he relocated to London from the US to become chief executive. In 2012 that bill fell to just over £600,000.

Agius is receiving £175,000 as an adviser to the Barclays corporate bank.

Powered by article was written by Jill Treanor, for on Friday 8th March 2013 12.19 Europe/London © Guardian News and Media Limited 2010


image: © Elliot Brown

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