Barclays CEO says 'more work to do' on pay

Pile Of Coins

'The pressure from bank shareholders will put downward pressure on compensation'.

Barclays CEO Antony Jenkins said he has more work to do to rein in pay levels and expects pressure from investors for banks to improve profitability to reduce compensation across the industry.

Reuters reports that more than a third of Barclays' shareholders failed to back the bank's compensation plan at its annual shareholder meeting last month, angered that Jenkins raised 2013 bonuses by 10% despite a one-third drop in profits.

'Is there more to do ? Absolutely there is more work to do', Jenkins said when asked about cutting pay. 'The pressure from bank shareholders (to improve returns) will put downward pressure on compensation and the market should correct over time'.

Jenkins plans to cut 19,000 jobs across the bank in the next three years to reduce costs and improve returns.

Dubbed 'Saint Antony' when he took over as CEO in 2012 after a series of scandals and promised to reform culture at Barclays, Jenkins said improving standards was driven by business reasons.

To access the complete Reuters article hit the link below:

Barclays boss says more work to do to cut pay

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