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.”
Well done Mr Jenkins rewarding employees in an organisation that hasn’t been out of the press with a string of miss selling scandals, regulatory fines, compliance breaches, data protection infringements and a drop in profits!
Are you really rewarding the right behaviours?
Bonus money and 12K layoffs? We all knew it was just a matter of time before the financial sectors slivered back into their old ways after the ‘world wide meltdown’ cooled off. It just proves the old saying, “you just can’t fix stupid”
Its time to look beyond the headlines and examine the real story here. Banker bashing is getting a little tedious and given that the reporter clearly shows the relativities in different years its a shame people commenting are just jumping on the ‘arent bankers awful’ bandwagon.
The monies available are significantly less than those available in 2010 and have increased only moderately. These are payments made to people who are working hard to turn around a sector which has made mistakes in the past – and many of them are doing a very good job. The mis-selling scandals are from years gone by – should the current workforce and the new leadership be made to pay for this ?
its all too easy to look just at the mistakes made in the past rather than the progress made in the present – its also worth remembering (c’monsense) that the ‘world wide meltdown’ was a global recession (starting in Japan in the early 2000’s) not one caused by London or US bankers.