Barclays is getting pounded. It’s one of the banks at the centre of the Libor manipulation scandal, it’s answering for a strange investment from Abu Dhabi during the financial crisis, and it’s about to layoff 1800 employees.Naturally, in all this, compensation has not been left untouched.
Barclays Plc, under pressure to trim its securities unit, paid its investment bankers an average bonus of about 54,100 pounds ($84,439), more than double the annual pay of British employees.
Bonuses fell 17 per cent in 2012 from 65,085 pounds for each employee a year earlier, the London-based company said in its full-year earnings statement today. Average pay for U.K. full- time employees is 26,500 pounds, according to the Office for National Statistics.
The bank’s total bonus pool dropped 15% to just over $2 billion.