UK

Barclays Reveals 428 Staff Received More Than £1m In Salary, Plus Thousands More In Bonuses

08/03/2013 13:55 GMT | Updated 08/03/2013 13:56 GMT

More than 400 workers at banking giant Barclays were paid £1 million or more last year, including five who got more than £5m, despite a year of scandal and falling profits.

Barclays' annual report also showed that chief executive Antony Jenkins was awarded a total pay package worth £2.6m in 2012, including a £1.5m long-term incentive bonus due to pay out in future years if he meets performance targets.

The pay details of the 428 staff will stoke controversy after the bank recently reported pre-tax profits plunging to £246 m from £5.9 billion in 2011 following a scandal-hit year which saw it pay £290m for its Libor rigging settlement and £2.5bn to cover mis-selling claims.

Of the bank's 139,200 workers, 373 were paid between £1m and £2.5m, 50 took home between £2.5m and £5m and five earned more than £5m.

One rule for them...

At the opposite end of the scale, more than 71,500 staff received less than £25,000 last year. The number of bankers paid more than £1m actually fell from 473 in 2011, with the number of those paid over £2.5m seeing the greatest fall.

Barclays also reduced its 2012 bonus pool by £860m for Libor rigging and mis-selling, while it clawed back an additional £300m in previous awards and long-term incentives for the Libor scandal.

A potential £3.3bn bonus pool was also reduced by a further £250m to better align its pay with the rest of the market, although it still shared out a total incentives pot worth £2.2bn.

That meant regular employees picked up an average of £13,000 in bonuses last year, with investment bankers taking £54,100 on average.

And former Barclays' boss Bob Diamond - who quit last summer in the wake of the bank's Libor-fixing settlement - will continue to be paid a salary - annually pegged at £1.4m - and pension until July.

Sir John Sunderland, head of Barclays' remuneration committee, said in the report: "I hope that 2012 will be seen as a turning point in the way Barclays approaches remuneration."

He added the committee will continue to focus on overhauling pay and bonus practices across the bank over the coming months.

CEO Antony Jenkins, who announced he would waive his annual bonus for 2012 in January, is currently leading a crusade to overhaul the culture and ethics at Barclays.