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Barclays shareholders stick boot in over bonuses

Barclays chairman Sir David Walker told shareholders at the bank's annual general meeting that staff had to be given higher bonuses in order to stop them leaving, but his speech was met with calls to "sack" the remuneration committee.

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Barclays chairman tells shareholders bonuses had to rise as resignation rates at investment bank doubled. "Genuine threat" to business.

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"We're paying for Manchester United, we're getting Colchester Utd" - another Barclays shareholder stick boot in over level of bonuses.

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Warm applause for shareholder who says "I think the remuneration committee should be sacked".

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Barclays making 'material moves in right direction'

Barclays bank is making "material moves in the right direction" despite criticism over its decision to raise the bonus pool and cut jobs, according to a financial expert.

Richard Buxton, one of the City's top fund managers, who oversees billions of pounds at Old Mutual Global Investors told Sky News this week that he was supportive of the chief executive.

Our focus is on the progress being made to improve returns, notably within the investment bank.

We are confident that much more will be achieved here, which will feed through to lower costs and lower compensation over time, albeit in an uneven fashion.

I'm confident that after further work on costs this year, the three-year average 2012-2014 numbers will show material moves in the right direction.

The bank knows it has to improve the staff-to-shareholder reward ratio - but this is a multi-year journey.

– Richard Buxton

Bank bosses to face shareholder fury

Angry shareholders will face Barclays bosses at the bank's annual general meeting, where they are likely to express their fury over high bonuses.

Read: Barclays unveils new chairman

Barclays
Barclays is still trying to recover trust after the libor fixing scandal. Credit: PA

Read: New Bank of England warning over bankers' bonuses

Barclays defied calls for restraint on banking bonuses by increasing the pool by 10% to £2.38 billion despite profits falling by a third and plans to cut thousands of jobs.

The meeting comes after Business Secretary Vince Cable wrote top 100 top businesses, warning them high executive pay would be a "dereliction of duty" and damage public trust.

The bank's pay policy has also been criticised by the Institute of Directors, which complained that the bonus pool for 2013 was nearly three times the £859 million paid out in dividends to shareholders.

Barclays has already announced the appointment of a new director, Crawford Gillies, to chair its remuneration committee. He will succeed Sir John Sunderland at a date to be set.

Read: Hundreds more jobs set to go to at Barclays

Hundreds more jobs set to go at Barclays

Barclays looks set to axe hundreds more jobs, mainly at its investment banking arm due to a strategic review that would be published on May 8.

The review is likely to mean hundreds of job cuts in addition to plans announced earlier this year by the bank to slash 12,000 posts.

The bank aims to cut hundreds of more jobs, mainly in its investment arm. Credit: Tim Ireland/PA

Chief executive Antony Jenkins wrote to all group staff this morning, saying the company would answer questions including how best to "simplify" its operations and which of its businesses it should "focus on and invest in".

Mr Jenkins warned staff that regulation and the wider economy were having a "significant effect on some parts of our business which we need to address proactively".

He added: "The future for Barclays will be as a strong, focused, international bank. And the investment bank will continue to be part of that mix".

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

Trio of mobile banking apps crash on payday

Mobile customers of Barclays, NatWest and RBS are enduring a difficult final day of the month - payday for many Britons - after being locked out of their banking apps.

All three banks announced problems with their apps on their Twitter accounts, saying:

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We’re aware that there are issues with accessing our Barclays Mobile Banking app; this is being looked into on an urgent basis. 1/2

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We’re aware of some issues on our Mobile Banking service and are working hard to fix them. Sorry and thanks for your patience.

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If you’re having difficulty with our mobile app, online banking, telephone banking and ATMs are all working normally.

The trio urged their customers to use online banking, telephone banking, ATMs or visit a local branch to deal with their money issue or pay a bill.

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Barclays bonus rise 'in the interests of shareholders'

Barclays' CEO has told ITV News the rise in the company's bonus pool is "in the long-term interests of our shareholders".

Antony Jenkins told Economics Editor Richard Edgar there was still a downward trend in bonuses and incentives in the long term, insisting the move was necessary to "get the best talent in the world" to work at the bank.

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.

Cathy Jamieson MP
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.

Read: Barclays cutting 7,000 UK jobs

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