Buisness Insider

Barclays Is Cutting Senior Banker Pay To 2009 Rates


A less-than-thrilling third quarter earnings report means more salary slashing at Barlcays bank, according to eFinancial Careers.

Revenue was up 17% for the year, but the cost-to-income ratio fell below its 65% target to 64%. 

From eFinancial Careers:

Antony Jenkins, the bank’s new chief executive, said the aim was to continue to drive this ratio down while “always having one eye on being competitive”. Evidence of this is already starting to emerge, with the bank expected to cut senior bankers’ salaries by 30-40% by reversing pay increases implemented in 2009.

All that said, this is mostly a continuation of cuts at Barclays. Compensation accounts for 39% of revenue, down from 46% in 2011.

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