Barclays increases bonus pool to £2.4 billion

Barclays Group increased its staff bonus pool, from £2.1 billion in 2012 to £2.3 billion in 2013.


The bank’s Full year 2013 results showed a rise in total incentive awards for employees, however, overall total incentive awards are still £1.1 billion (32%) lower than in 2010.

Incentives for 26,200 employees in the investment banking division increased from £1.4 billion in 2012 to £1.5 billion in 2013.

The report showed that the average value of incentive awards granted to its 139,600 employees stood at £17,000 each in 2013, up from £15,600 in 2013.

Cash bonuses across the group also increased by 11% year on year, up from £852 million in 2012 to £942 million in 2013.

The report stated the Board Remuneration Committee wanted to ensure Barclays remained competitive in this area and that compensation continued to reflect performance.

Pension deficits

Barclays Group also reported that its pension deficit across all defined benefit schemes increased from £1.2 billion in 2012 to £1.8 billion in 2013.

Its UK Retirement Fund, its main scheme, reported a deficit of £1.4 billion in 2013, up from £800 million in 2012.

Anthony Jenkins, chief executive at Barclays, said: “At Barclays, we believe in paying for performance and paying competitively. 

“Ensuring that we have the right people in the right roles, serving our customers and clients effectively in a highly competitive global environment, is vital to our ability to generate sustainable shareholder returns.

“After careful consideration, we determined that an increase of £210 million over the prior year in the incentive pool was required in 2013 in order to build our organisation in the long-term interests of shareholders.”