View the article online at http://citywire.co.uk/new-model-adviser/article/a656067
Barclays cuts bonus pool to fund extra £1bn mis-selling redress
by Jun Merrett on Feb 05, 2013 at 10:59
Barclays has cut its bonus pool as a result of the extra £1 billion provision it has set aside for mis-selling redress.
At a meeting with the Parliamentary Commission on Banking Standards Joint Committee, Barclays chief executive Antony Jenkins said that the redress for mis-selling of payment protection insurance (PPI) and interest rate swaps had a direct impact on the bank's bonus pool.
'I can assure [you] 100% that the provision resulted in a reduced compensation pool for colleagues,' he said.
Last week Jenkins announced he was to waive his bonus for last year which was estimated to be around £1 million with a potential maximum entitlement of £2.75 million. He said he thought it would be wrong to receive the bonus in a 'difficult' year for the bank.
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