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View the article online at http://citywire.co.uk/wealth-manager/article/a654569

Barclays seeks shareholder support for Jenkins' bonus

by David Campbell on Jan 29, 2013 at 13:16

Barclays seeks shareholder support for Jenkins' bonus

Barclays is understood to be meeting key shareholders as it seeks to drum up support for a seven-figure bonus for chief exec Antony Jenkins, Sky News has reported.

That will come out of a total bonus pool believed to stand at between £1 billion and £2 billion, down from last year's £2.2 billion.

Jenkins package is though to be entirely deferred and paid in equity. While shareholders were said to be 'cautiously optimistic' that Barclays was responding to public anger over pay levels, it is unlikely to avoid a political storm.

The public perception of the banking industry has slumped again to a fresh low, after Barclays took the lead in settling regulatory claims liable over its manipulation of Libor.

'The numbers will be contentious but they are undoubtedly heading in the right direction. There has been a clear signal that this is not the end-point [for cuts in bonuses],' one source told Sky.

 

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