Barclays Pays Managers $61 Million in Bonuses After Libor
By Howard Mustoe - Mar 20, 2013 1:01 PM ET
Barclays Plc (BARC), the U.K.’s second- largest bank by assets, paid nine senior executives 40.3 million pounds ($61 million) in bonuses, less than a year after the bank was fined for manipulating benchmark interest rates.
Rich Ricci, head of its investment bank and one of the last members of former Chief Executive Officer Robert Diamond’s management team, was awarded 5.7 million shares valued at 17.6 million pounds, London-based Barclays said today in a statement. CEO Antony Jenkins was given 1.8 million shares valued at 5.59 million pounds.
Barclays, which was fined 290 million pounds in June for rigging the London interbank offered rate, is cutting 3,700 jobs to reduce annual costs by 1.7 billion pounds this year. The lender in February posted a net loss of 1.04 billion pounds for 2012, its first in two decades, as it set aside an additional 1 billion pounds in the fourth quarter to compensate clients wrongly sold interest-rate swaps and loan insurance.
“The share releases detailed in this announcement include deferred shares awarded from previous years’ annual performance bonuses and, in some cases, vesting of historical long-term incentive plans,” the bank said in the statement. “Barclays has revised its remuneration policy and all future incentive awards short and long-term, will be based on the new principles.”
The shares fell 0.8 percent to 295.2 pence in London trading today.
more:
http://www.bloomberg.com/news/2013-03-20/barclays-pays-top-managers-61-million-in-bonuses-after-libor.html
DO SOMETHING!
| 