Barclays increases bonuses but 12,000 jobs will go

Graph And Coins

Good news for some of those who will stay in a job.

Barclays set aside 10% more to pay bonuses at its investment bank even as the division swung into a loss in the fourth quarter.

The unit had a pretax loss of $539m in the last three months of the year, compared with a profit of $1.24bn in the year-earlier period, Barclays said in a statement Tuesday. The bonus pool for 2013 increased to $3.94bn from $3.56bn the previous year.

Barclays CEO Antony Jenkins is under pressure to rein in cost at the investment bank, said during an interview with BBC Radio 4 today:

'We pay for performance and we pay competitively. It goes back to having the best talent across the world to serve our clients and customers'.

Barclays will cut as many as 12,000 jobs, Jenkins reporters on a conference call today. About 7,000 positions will go in the U.K., half of which have already been announced, he said.

Hit the link below to access the complete Bloomberg article:

Barclays Raises Bonuses by 10% as Investment Bank Posts Loss

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