Barclays awarded Chief Executive Officer Antony Jenkins $3.5m last year and said fewer staff earned a million pounds than in 2011 as the British bank responds to public pressure and cuts costs.
Bloomberg reports that Jenkins earned 63% less in salary and long-term bonuses than his ousted predecessor Robert Diamond did in 2011, though he was CEO for only the final four months of 2012.
Britain’s second-largest bank by assets awarded 428 workers more than $1.49m in 2012, down from 473 in 2011, according to its annual report, which was published Friday.
'I hope that 2012 will be seen as a turning point in the way Barclays approaches remuneration', John Sunderland, chairman of the London-based lender’s compensation panel, said in the report. 'We are taking a different approach to the balance between directors’ and employees’ remuneration, and returns for shareholders'.
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Barclays CEO Paid $3.5 Million as Millionaire Earners Shrink
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