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481 Barclays Employees Paid Over 1 Million Pounds In 2013, Increase Of 53 From 2012 Despite Losses, Mass Layoffs

Tyler Durden's picture




 

It was less than a month ago when Barclays announced it would fire 12,000 workers after posting abysmal earnings with Q4 banking income crashing 37% and overall income sliding 9%. So, one would think, its employees would be punished with lower pay - those that are lucky enough to keep their jobs of course. One would be wrong. Reuters just reported that 481 of Barclays employees were paid 1 million pounds ($1.7 million) or more last year, 53 more than in the year before, and most of them were based in the United States.

The headscratcher continues:

Barclays said 57 percent of those paid at least 1 million pounds were based in the United States and 27 percent were based in Britain.

 

The bank said in its annual report that Chief Executive Antony Jenkins could be paid up to 7.2 million pounds this year, down 1.4 million from his maximum pay under his previous pay structure, although more is now guaranteed.

 

Barclays provoked anger last month when the bank said it paid 2.4 billion pounds in bonuses last year, up 10 percent on the year despite profits tumbling by a third.

Surely, this latest announcement will not provoke much happiness either. More improtantly, news like this is why, despite generating massive losses, Barclays employees are generally richer than you, if not quite richer than Jamie Dimon. Because in the New Normal, all one needs to make a million is to keep losing money. Barcalys' immutable rationale - fear of losing the traders to a better-paying competitor. Like who - is the Fed hiring again?

 

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Wed, 03/05/2014 - 12:42 | 4512126 Cornholiovanderbilt
Cornholiovanderbilt's picture

Dam it feels good to be a banksta!

Wed, 03/05/2014 - 12:50 | 4512179 Boris Alatovkrap
Boris Alatovkrap's picture

You must pay Devil his due.

Wed, 03/05/2014 - 12:56 | 4512207 Skateboarder
Skateboarder's picture

"and most of them were based in the United States."

Devil? You mean the IRS.

Wed, 03/05/2014 - 13:34 | 4512390 krispkritter
krispkritter's picture

Just a million new reasons to hate them all the more!

Wed, 03/05/2014 - 15:27 | 4512944 asteroids
asteroids's picture

I kinda wish that Jesus had actually killed some of the moneychangers in the Temple, along with a suitable reason, of course...

Wed, 03/05/2014 - 13:03 | 4512244 ZeroPower
ZeroPower's picture

How is this surprising? It pays to retain talent, you merely let go of the excess rubbish (non-performing employees).

Wed, 03/05/2014 - 14:09 | 4512581 Comte d'herblay
Comte d'herblay's picture

Depends on if the garbage men are deciding what is and is not rubbish.

It's not hard to see politics at work in who is getting the axe and who doesn't that should. I would bet more than half are let go because someone didn't like them for whatever reason, having nothing at all to do with performance. 

In a corporation that size, ALL decisions affecting the employees are at least 3/4 political.

Nothing can be done about it, nor should there be, but to think that non-performing employees were the only ones fired is naive. Or you've never seen the inside workings of and headquarters Corporate Office. 

 

Wed, 03/05/2014 - 16:54 | 4513419 Obamanation
Obamanation's picture

Pretty much spot on.  As a former employee there, I can attest that the place has become a cesspool of internal politicking, pedantic sychophants, and a I'm-gonna-get-mine-before-this-whole-ride-ends group of narcissistic idiots that clearly love hearing their own backs slapped rather than trying to make the hard choices and adjust the company for a new more difficult era of finance.  I mean we're talking about stories that would be Page 7 worthy if there was a financial version.

 

Wed, 03/05/2014 - 12:53 | 4512138 Dr. Engali
Dr. Engali's picture

It's a good thing Barclays trimmed the fat so that they can better compensate the people who know how to cover their tracks.

Wed, 03/05/2014 - 12:49 | 4512168 Son of Captain Nemo
Son of Captain Nemo's picture

Shhhhhh....  It'll be our little secret.

I'd take the pink slip and live another day.

If it's anything like the 13 and counting "30 somethings" that either jump from a building or kill themselves with a nail gun to the back of the head "multiple times" that million dollar bonus has got some mighty heavy chains attached to it!

Wed, 03/05/2014 - 12:57 | 4512213 buzzsaw99
buzzsaw99's picture

...What, you think you like me? You ain't like me motherfucker. You a punk. I've been with made people, connected people. Who you been with? Chain-snatching, jive-ass, maricon motherfuckers. Why don't you get lost? Go ahead, snatch a purse. Come on, take a fuckin' walk. [/Carlito]

Wed, 03/05/2014 - 13:06 | 4512253 NOTaREALmerican
NOTaREALmerican's picture

The top 10% are doing pretty good. 

Now, if ONLY we could get some economic charts with the top 10% economy (the Elysiums) from the bottom 90% (the trash) we'd all understand the "economic picture". 

Wed, 03/05/2014 - 13:16 | 4512295 ebworthen
ebworthen's picture

Beating old ladies over the head with a bludgeon to steal their cash, jewelry, and groceries.

This is no different, they just do it in suits and dresses and with online statements.

Wed, 03/05/2014 - 16:29 | 4513249 Perfecthedge
Perfecthedge's picture

Old ladies have better chances to defend themselves.  Here? We don't even know where this a$$holes are hiding.

Wed, 03/05/2014 - 13:18 | 4512303 f16hoser
f16hoser's picture

Hush Money now has a Price-Tag...

Wed, 03/05/2014 - 13:34 | 4512387 hapless
hapless's picture

Kid sister-in-law received a 2013 bonus from Barclays - happy that it was just below the cut-off that mandates said bonus be paid in shares.  Snort.

Wed, 03/05/2014 - 13:38 | 4512396 perelmanfan
perelmanfan's picture

Because when you drop feed piranha feed by 1/4, the strong collectively decide to kill the weaker 1/2 of the fish. The remaining 1/2 get fatter than ever. 

Wed, 03/05/2014 - 13:42 | 4512442 PeeramidIdeologies
PeeramidIdeologies's picture

If I was looking to maintain a tightly controlled, completely redundant group of "Teamsters", I would do the exact same thing.

Wed, 03/05/2014 - 13:59 | 4512539 pitz
pitz's picture

Why do the shareholders, the owners of the business, tolerate this?  Can't they see that the resume queues at Barclays and most other banks, are chock full of extreme amounts of talent that would gladly work for less? 

Wed, 03/05/2014 - 14:25 | 4512655 NOTaREALmerican
NOTaREALmerican's picture

Re:  Why do the shareholders

Do you actually think the shareholders matter?     Here's the hyerachy of roles in bidness:

Upper management screws the stockholders for as much as they can get away with.
Middle management screws the customer for as much as they can get away with.
Lower management screws the workers for as much as they can get away with.

Would any sociopath on the board of directors of a company trust someone that would come in and tell them they'd work for an "honest amount of compensation"?   If they did, they wouldn't BE sociopaths and wouldn't be on the board in the first place.    It's higher-n-higher evolved sociopaths all the way from the bottom to top.

I mean, come on.    Think like a sociopath.   You'll understand things better.

Wed, 03/05/2014 - 17:48 | 4513649 ForTheWorld
ForTheWorld's picture

Why? The shareholders get money from the bank via dividends, so would you want to cut off a source of income just because of some strange sensation of moral outrage? Some people I work with like to talk about money... a lot. They've got none, but they think they're hot shit getting dividends from bank shares. Nevermind that they've got lines of credit via GE and have no idea how to obtain foreign currency, but holy fuck they're rich because they've got bank shares!

Actually - it's because people are idiots that they tolerate this.

Wed, 03/05/2014 - 14:21 | 4512639 pig lipstick
pig lipstick's picture

just more games in the banksta snake pit. It's much bigger than just the blood sucking banksta disease:  This is the 1%r's making a last money grab for the end game.  Evidence piles up every day.......cash balances of corporations, layoffs in the face of raises for key mangagement (not just at banks), zero interest rates stealing from the masses daily, QE, anti-deflationary policies, (to name a few) AND a data and reporting system in place with the main mission to "hide the blade" while it approaches each of our throats. Yes, the sheeple are dumb, but I dont blame them for not being able to see this.......it's just such a massive play nobody can believe it, let a lone get their head around it to protect themselves.

You dont know me....I could be a scientist, or a burger flipper.  But my advice:  SAVE MONEY.  At least then you will be playing the same game they are playing (and you can assume they are doing it for a reason)

Wed, 03/05/2014 - 15:56 | 4513096 pig lipstick
pig lipstick's picture

And my bet is that there were 53 more mcmansions sold for cash for around $1.3M to $1.6M.  Because thats how the banksta roll ya know?  I also believe ZH posters forget another reason why the majority of property purchases are for cash:  it's because bankstas have children too and they know the shit is going to hit the fan.  Pay cash and fogetaboutit while you still can!  You know they have another $50,000 set aside for when they need to build a 10 foot concrete wall around it, but for now, they can enjoy the views.

Wed, 03/05/2014 - 14:39 | 4512676 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Barclays is run just like a government. No one's pay is based on reality.

Wed, 03/05/2014 - 15:03 | 4512838 Mr Giggles
Mr Giggles's picture

2020 one man takes all the profits at America.

Unemployed protests bruitaly supressed by pensionless police.

Wake up there are no more jobs, there is no fronteir, only society & community if you want it

if not only pain.

Who do you trust America.

You like me feel we have no power, now watch the beast eat its self.

Food, water, silver, spikey objects.

stack on.

 

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