Apparently top bankers were paid around 35% over the market.
eFinancialCareers reports that Barclays has been paying its senior bankers too much. To be precise, it has been paying 70 top people 35% more than market rate.
'God they overpaid', said Chris Robbins at search firm Cherry Bull, “People in senior positions in sales trading and management were paid absolute market leading packages. For star employees, the top three payers in the market were always JPMorgan, Goldman Sachs and Barclays.”
'In the past, Barclays paid people incredibly well', said Simon Head, deputy managing director at Correlate Search in London. 'In 2005, 2006 and 2007, they hired a lot of people on two year guaranteed bonuses and paid them 60% more than they were receiving in previous roles. They were growing fast and needed to attract the best people'.
Between 2003 and 2007, headcount at Barclays Capital went from 5,800 people to 16,200 people. Between 2007 and 2012, it went from 16,200 people to 23,600 people. That growth came at a cost: excessive pay.
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