Barclays to cut 7,000 UK jobs as bonus pool up 10%

Barclays said today its total bonus pool for 2013 rose to £2.38 billion from £2.17 billion for 2012, including a £1.57 billion payout for its investment banking staff.

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Barclays culture change 'could become skin deep'

The culture change promised by Barclays "will be less than skin deep" if the group continues to increase bonus pools while cutting jobs, Unite union's national officer has said.

Dominic Hook questioned how the bank will maintain customer service standards after the 7,000 planned UK redundancies, and said workers "will be angry that they are bearing the brunt of the cuts".

Rather than reward the very few at the top and plan to cut thousands more jobs, Barclays should have used today to give a copper-bottomed guarantee that it will not close 400 branches across the UK - a quarter of its branch network.

– Dominic Hook, Unite

Labour: bonuses should be taxed

Bonuses such as those awarded by Barclays should be taxed, Labour's Shadow Financial Secretary to the Treasury has said.

Shadow Financial Secretary to the Treasury Cathy Jamieson claims the plans would help produce "higher living standards for all". Credit: PA

Cathy Jamieson MP said such a tax "could fund a paid job for every young person out of work for 12 months or more, which they would have to take up or lose benefits".

The proposal, announced by Shadow Work and Pensions Secretary Rachel Reeves yesterday, would be used to create 56,000 jobs.

Barclays awarded £2.38 billion in bonuses and other incentive awards to staff last year, up 10% from 2012.

Barclays cutting 7,000 UK jobs

Barclays has confirmed it is in the process of cutting 10,000 to 12,000 jobs this year, of which 7,000 losses are expected in the UK.

However, the group stated that around half of these redundancies have already been announced to staff internally.

Barclays' bonus pool rose to £2.38 billion last year, up 10% from 2012. Credit: PA

Barclays also said it would cut 820 senior manager roles, including 220 managing directors and 600 directors.

The group currently has a 140,000 strong workforce.

Barclays payouts up 10% while earnings fall by a quarter

Barclays awarded £2.38 billion in bonuses and other incentive awards to staff last year, up 10% from the £2.17 billion in 2012.

Barclays CEO Antony Jenkins waived his 2013 annual bonus last week, saying it "would not be right, in the circumstances". Credit: PA

But the group's adjusted pre-tax earnings dropped by a quarter last year to £5.2 billion, falling short of analysts' forecasts.

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Barclays bonus figures rise to £2.38bn

Barclays has released its bonus figures for 2013, showing the group paid out a total of £2.38 billion in incentives.

The bank paid out £2.17bn in total incentives in 2012. Credit: PA

The banking group revealed yesterday that their pre-tax profits for 2013 rose to £2.9bn, while adjusted pre-tax profits fell to £5.2bn.

Barclays was due to release the results all in one go today, but a Financial Times report was "close enough" to the actual figures to prompt the group to release their profits a day early.

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