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
    +4

    Comment number 93.

    The few big shareholders who voted against a recent remuneration deal, but were outvoted, would have a better chance next time if all those thousands of small shareholders actually filled in the proxy voting form they should receive with the AGM notice, indicating their preference.

  • rate this
    +3

    Comment number 92.

    Just more patronising words from the greedy. If he is worried why has he and his ilk not done something about it. Could it be greed that stops them.

  • rate this
    +1

    Comment number 91.

    87.PeterG

    "What a joke. Has anyone watched cityboy? We have the best universities in the world, why can't we train up a hole generation of bankers to the point of over supply and watch pay rebalance?"

    Spot on which also begs the question why have the private sector from the likes of Eton etc created a closed shop banking industry.

  • rate this
    -1

    Comment number 90.

    Just how much public funding are these bankers getting as opposed to the payoffs and salaries top BBC executives and top radio one djs have received.

  • rate this
    +4

    Comment number 89.

    This is demoralizing for everybody.

  • rate this
    +3

    Comment number 88.

    We do not seem to be able to hold the bankers to account but do they really need to rub salt into our wounds by patronising us with vacuous meaningless statements?

  • rate this
    +1

    Comment number 87.

    What a joke. Has anyone watched cityboy? We have the best universities in the world, why can't we train up a hole generation of bankers to the point of over supply and watch pay rebalance?

  • rate this
    +4

    Comment number 86.

    His comments demonstrate he doesn't understand public concern over top banker's pay and bonuses and how about being competitive in offering savers afair deal?

  • rate this
    +8

    Comment number 85.

    What do you want to the people to discuss on HYS today Mr Cameron?

    Ah... let them vent their spleen on the bankers again. The bankers get paid enough not to care! Also, it will help wind up the already annoyed peasants and briefly distract their attention from our criminality on our day off!

    Thank you.

  • rate this
    +4

    Comment number 84.

    All the apologies, all the mealy mouthed utterencies, all the platitudes, all the promises, and what will change?......NOTHING

  • rate this
    +2

    Comment number 83.

    68.Derek Reilly

    The question is are these people more important than the banks customers who are savers ? The savers money is used to lend to borrowers at an inflated rate to generate more capital for the bank .
    ====
    No, that's a common misconception. They create the money they loan out of thin air, see https://www.positivemoney.org/

  • rate this
    +6

    Comment number 82.

    Well there you have it.

    Nothing has changed! Everything is exactly as it was!

  • rate this
    +2

    Comment number 81.

    mr loser @ 71 is right in Wiltshire the council executive awarded itself a double figure wage rise whilst cutting front line staff and services , a cull is needed of top public sector theives

  • rate this
    +12

    Comment number 80.

    What is the going rate for failure, self-serving greed and wrecking the economy of a country?
    If they are paid less, maybe they will emigrate and destroy the economy of one of the UK's competitors.

  • rate this
    +147

    Comment number 79.

    It just makes us all so cross....the banking sector has never changed and will not change. The same excuses about pay and best people...the same ones done for fraud, manipulation and who got us in this situation.
    We all feel so frustrated at this blah blah lip service while they claim massive bonuses even when they have messed up.

  • rate this
    -2

    Comment number 78.

    The bankers did cause the crash,no doubt about it,Cameron and Osbourne lie when they say different.Our problem is that we now depend for at least a quarter of our GDP from banking and London is the centre of world finance,we need bankers and to get/keep them pay big bucks.Not a palatable fact but a fact all the same!

  • rate this
    +10

    Comment number 77.

    If you type in "Competitive salaries definition" in google, this is what you get:

    Web definitions
    (Competitive salary) We remain competitive by paying less than our competitors.

  • rate this
    +5

    Comment number 76.

    The banks and the the BBC both have a common view of the world, we give, they take.
    They take a view that we MUST allow them to pay them selves very well compare to the rest of us, in order for them to attract the talent. Well I suggest we all start to tell them, their idea of talent falls well below the idea most of us expect. Talking of which, rumour Graham Norton will be running the BBC soon.

  • rate this
    +10

    Comment number 75.

    The fact that he condones bankers wages being so high obviously shows he does't understand the amount of concern there is.

    I thought they normally teach,a competitiveness system produces cheaper prices.

  • rate this
    +10

    Comment number 74.

    Anthony Jenkins proves he is economic illiterate because he doesn't understand what completive rates mean,he means greed & profiteering protectionism
    In a proper free market anyone can see they are grossly overvalued to all other work & what the market can sustain

 

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