New Model Adviser - For Professional Investors

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

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

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 or register to comment. It is free to register and only takes a minute or two.
Comment & analysis
Investment

Asset managers: 'There is going to be a distribution revolution'

1 Comment Play Asset managers: 'There is going to be a distribution revolution'

In footage not used in our original CEO tapes videos, five CEOs discuss how distribution will change in the future. Will 'distribution' be revolutionised by technology the same way that Spotify changed music or the Kindle changed publishing?

Twitter