Barclays’ chairman wants to cut investment bankers’ bonuses and told shareholders that the current period of market turmoil might provide the cover he needs to chop pay.
Barclays has cut its bonus pool for investment bankers by 60% in the past five years, but it has also increased salaries and fixed pay. When a more concerted effort to cut pay was undertaken in 2014, then-chief executive Antony Jenkins said it resulted in the bank losing key staff, particularly in the US.
But McFarlane believes he has a chance to cut pay now.
“We think the weakness in the market presently does give us a climate where we may be able to address this going forward,” he said, referring to the very poor financial results from investment banks across the US and Europe in recent weeks.
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