As the bank reported record profits of £11.6bn this morning, chairman Marcus Agius took the unusual step of trying to defend the bank’s bonus policy. While the bank’s remuneration committee had been prepared to hand bonuses to chief executive John Varley and president Bob Diamond, the pair declined the payments. Agius said he “applauded” their decisions.
Overall, the bank’s 144,000 staff – including those working in high street branches – received total cash payments of £1.5bn and £1.2bn in long-term awards.
The average bonus at Barclays was £19,000 while the average bonus received by the bankers at Barclays Capital, the investment banking arm known as BarCap, was £95,000 – suggesting a bonus pot of more than £2bn.