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

Advertisement

Barclays bosses face shareholder anger

Barclays bosses have been given a rough ride at today's annual general meeting as shareholder anger over pay rises is expected to spill over. The banking giant has defied calls for restraint and hiked up its staff bonus pool by 10%.