Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Barclays to cut 12,000 jobs, pays bigger bonus  Join our daily free Newsletter

MENAFN - The Peninsula - 12/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Barclays said it would axe up to 12,000 jobs this year even as it raised bonuse for investment bankers, prompting fury among politicians and unions who said it had not learned the lessons of the financial crisis



Britain's third-biggest bank said up to nine percent of employees could go, including 7,000 in Britain, as it tries to lower costs. The cuts are not concentrated in any one business area.



It said it paid 2.4bn (3.9bn) in incentive awards last year, raising bonuses at the investment bank by 13 percent despite a slump in its profits. The average bonus for the investment bank's 26,200 staff was 60,100 pounds.



Critics of the bonus hike said it showed Britain's biggest banks were still failing to heed the lessons of a financial crisis caused by dangerous risk taking and excessive pay.



"Today Barclays has stuck two fingers up to hard-pressed families across Britain by announcing another multi-billion pound bonus pool," said Frances O'Grady, General Secretary of the Trades Union Congress.



Barclays Chief Executive Anthony Jenkins, who took the helm in 2012 after an interest rate rigging scandal, has vowed to improve culture and standards at the bank while also reducing risk and strengthening the balance sheet



But its investment bank profits slumped 37 percent last year to 2.5 billion pounds and analysts voiced concern about whether Jenkins can reach his target of a return on equity above 11.5 percent by 2016

 


The Peninsula




  MENA News Headlines
 Oct 1 2014 - GCC needs to produce dynamic non-oil sectorMENAFN
(MENAFN) According to the International Monetary Fund (IMF), in order to maintain sustainable growth, the Gulf Co-operation Council (GCC) countries have to produce a dynamic non-oil tradable sector ...

 Oct 1 2014 - Kuwait to host 23rd Gulf Cup of NationsArab Times
(MENAFN - Arab Times) KUWAIT CITY Sept 30 (KUNA): Kuwait will host the 23rd edition of the Gulf Cup of Nations Kuwait Football Association (KFA) Secretary General Saho Al-Saho said Tuesday. Al-Saho ...

 Oct 1 2014 - Abu Dhabi airport's passenger traffic up 24.8 percent in AugustMENAFN
(MENAFN) Abu Dhabi International Airport's passenger traffic increased by 24.8 percent in August compared to the same month last year, with a total of 1.920.934 passengers passing through the airport ...

 Oct 1 2014 - US Mondelez International to invest USD90m in plant in BahrainMENAFN
(MENAFN), the packaged food company, announced it is planning to build a USD90 million biscuit plant in Bahrain, which will help the company reduce costs and meet growing demand for its biscuits, ...

 Oct 1 2014 - Oman interested to invest in CyprusMENAFN
(MENAFN) Oman's Minister of Oil and Gas said that the country is very interested in investing in Cyprus, particularly in the field of research and exploitation of natural gas, Muscat Daily ...

 Oct 1 2014 - Emirates to launch new Dallas flightsMENAFN
(MENAFN) Emirates announced it has launched its first scheduled A380 daily service to Dallas Fort Worth International Airport, Gulf Business reported.The airline said it expects that the business ...

 Oct 1 2014 - Dubai Development Co. considering several offers of merger or acquisitionMENAFN
(MENAFN) Dubai Development Co, the company responsible for the Mirdif area of the emirate, announced it is considering several external offers of merger or acquisition, Arabian Business reported.The ...

 Oct 1 2014 - Etihad Rail starts on second phase of USD11bn UAE rail networkMENAFN
(MENAFN) Etihad Rail, the UAE's railway developer, announced it is set to secure government funding and award contracts for the construction of the second phase of its USD11 billion national rail ...

 Oct 1 2014 - Oman Sail teams upbeat over ESS Act 7 challengeMuscat Daily
(MENAFN - Muscat Daily) As the 2014 Extreme Sailing Series (ESS) gears up for Act 7 in Nice France to be held later this week Oman Sail's teams on The Wave Muscat and Oman Air are relishing the ...

 Oct 1 2014 - Oman settles for seventh place in Asiad hockeyMuscat Daily
(MENAFN - Muscat Daily) Basim Khatar struck the winner for Oman as it rallied from a goal down to defeat Bangladesh 3-2 in a playoff and clinch the seventh place in hockey in the 17th Asian Games at ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help