Barclays boss Antony Jenkins says he 'understands' pay concern

 

Barclays Group CEO Antony Jenkins told Andrew Marr the change of direction was "a big change in thinking"

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The boss of Barclays, Antony Jenkins, says he understands the public's concern about bankers pay but that levels of pay need to be competitive.

Speaking on the BBC's Andrew Marr show, he said that the bank would get value for money from its employees.

He added that he would "not be repeating the situation in which profits are down and bonuses are up".

Barclays announced last week that it would cut 19,000 jobs by 2016, with more than 9,000 to go in the UK.

About 7,000 of the job losses will come in its investment bank division.

Mr Jenkins said the world of investment banking had changed dramatically and size was no longer the main objective.

He explained that new regulation which required the bank to hold more capital meant that some parts of investment banking "didn't always make sense any more".

Ten year horizon

Earlier this year about one third of Barclays shareholders chose not to approve the bank's remuneration report, which included a 10% increase in the bonus pool despite a 30% fall in profits.

Mr Jenkins said the bank had not taken that decision lightly but felt that, given the changes that were coming in the company, they needed to pay that amount to retain their best people and that the situation would not be repeated.

Talking about the retail operation, he said that on a ten year horizon there would probably be fewer high street bank branches, but that "there is still going to be a need for people to go into a branch and talk about mortgages or saving product so there will still be lots of branches even in ten years time".

There was no target for branch closures at the moment, he added, and so employees working there had no need to be concerned about their jobs.

The Barclays retail banking arm employs 32,900 people in the UK, and around 5,900 in Europe.

 

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  • rate this
    0

    Comment number 933.

    @1: "What a private business pays it's staff is down to them. If you don't like it then don't bank with them".
    I wouldn't, but the Government hasn't given us a choice - they have 'invested' our money with the banks by bailing them out - except we will receive very little in return.

  • rate this
    0

    Comment number 932.

    Amusing, Labour fell in love with the city of London and give bankers a free reign. If labour win in 2015, Ed Miliband/Ed balls and their Oxbridge University buddies will line their pockets as before, no different from the Tories. Only an uneducated fool would believe otherwise. Personally I don't want to work 80 hours a week, so bankers you are welcome to the millions you earn. I love my kids.

  • rate this
    0

    Comment number 931.

    Its about time some of you thought about stuffing your pockets instead of theirs that’s the answer too but instead of being so greedy you now know how not to treat people more importantly you have a far better understanding of how to look after staff The best aspects for any good company that has any future Who's futures have they really wrecked? Only their own They hang themselves in the end

  • rate this
    +2

    Comment number 930.

    889.fuzzy
    sorry what a simpl9istic view of the world you have its not a case of pay or let them gamble your money.
    Its about yes either pay to have them keep your money safe but never lend it out or as it should be they lend it responsibly something no bank has been doing especially when we the public have to pick up these gamblers losses if they want to gamble fine but they the losses not us

  • rate this
    +1

    Comment number 929.

    923 random advice:
    Even if what you said about Labour's return was true, the median salary with benefits included is £27,000.10% get £44,000 or more.
    If labour would change the tax laws, closing the loopholes that companies and individuals use we might do very well anyway.

  • rate this
    +2

    Comment number 928.

    Antony Jenkins understands the public's pay concern & doesnt care a damn.

  • rate this
    0

    Comment number 927.

    If you adopt that attitude they will be more concerned about you than you will about them and what’s more you will thrive they wont There’s the answer Move on in life forget them Are they worth worrying about at all lets face facts they not are they ? They never will be truth be known but then they soon end up being in the same situation themselves one day So I wouldn’t let it bother you

  • rate this
    +2

    Comment number 926.

    923.Random Advice do stop spouting your tory lies as everyone know liebour are tory in everything but name and have their strings pulled by exactly the same business's and billionaires as the tories heck even the Murdock's were friends with both parties leaders and dont think ukip are any different or lieberals

  • rate this
    +1

    Comment number 925.

    You know what they say about banks,

    "A Bank will lend you a brolly when it's sunny,& ask for it back when, it is raining".....

  • rate this
    +2

    Comment number 924.

    Since 2008 the UK has bought bad debts from banks at a rate of £20,000,000,000 per month, the UK has lent them money at 0.5% interest, and the UK has taken over any bank that has failed. The total costs for the UK to date now exceeds one year's GDP(£1,400,000,000,000). Even a monkey in a pin stripe suit would make a profit out of this sort of banking.

  • rate this
    -2

    Comment number 923.

    No need to worry as Labour are going to return in May 2015 on the promise of redistributing wealth from the rich to the poor.

    The trouble is that the majority in the middle won't see a single penny and the rich will be classed as anyone earning over £30k.

    You get what you vote for I suppose.

  • rate this
    +1

    Comment number 922.

    No point in worrying about this They dig their own grave’s in the end Instead of fighting , wasting more time with people like this is … group together Take those people who are in your industries Work together Be better than they are In other words you now know what you don’t like Do something different Be different !! We know they are users Create a company thats different

  • rate this
    +2

    Comment number 921.

    David Ike believes that many senior bankers are a reptilian-humanoid life-form.

    How ridiculous!

    Even reptiles do not steal everything in their sight !

  • rate this
    +4

    Comment number 920.

    2. Extraterrestrial . It is a cartel . I understand that all banks charge exactly the same for all M&A work. 1 1/2 per cent. It never varies. And an investment bankers bonus is based on that one and a half per cent. It's about time that the Office of Fair Trading got their act together and prosecuted them all.

  • rate this
    -1

    Comment number 919.

    time4change @902
    "2.
    financial regulation
    not fit for purpose"

    Even when as advised by most successful profit-makers. We need liberation of conscience, sense & care, in equal partnership.

    @915
    "3.
    corporate capitalism & useless govts
    people (as individuals) really need to take control"

    We can liberate our consciences, for 'representative' control, only in equal partnership, informed & agreed.

  • rate this
    0

    Comment number 918.

    It isnt just bankers that are to blame for this Its the lack of forsight the Uk had with regards to technology changes How they were going to cope with this Thier sudden rush to get into EU They didnt see this comming We did they didnt ! The sudden moving of alot of manufacturing out to EU Finally you're right in many aspects Just shear Greed plus a throw away age and refusal to co operate

  • rate this
    +4

    Comment number 917.

    What is particularly worrying is the disparity between the 'great and good' and ordinary people, let alone those at the bottom of our society.

    These people should get a social conscience because, as is shown in South Africa, if you drive people to desperation and they have no hope they will simply pick up a knife and cut your throat. Big fences and locks don't help when civil unrest takes over.

  • rate this
    -2

    Comment number 916.

    Though I'm loath to admit it- business people have de-classed society in a lot of ways- it's the accountants / regulators & politicians who are to blame. But look- we're ALL just trying to get by in this world- so live & let live I say! Remember you're British!

  • rate this
    0

    Comment number 915.

    @910
    We don't have free market capitalism currently, what we have is corporate capitalism aided and abetted by useless govt's. People really need to take control of their own destiny and cut through all the layers of obstacles put in their way that make them slaves to the system. That is all you are, a number, a statistic. Here endeth economics lesson number 3.

  • rate this
    +2

    Comment number 914.

    obscene - the rich get richer, big bonus etc. whilst the savers who create their money in the first place get poorer and the rest of the country also get poorer and poorer and poorer thanks to them and their Tory mates. How much longer are we going to put up with these people who have caused us so much hardship!

 

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