Other Citywire websites
Stay connected:

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 cuts bonus pool to fund extra £1bn mis-selling redress

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.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Opportunities emerge as production moves back home

As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

A spotlight on Alastair Mundy

Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.

Sorry, this link is not
quite ready yet