Scandal-plagued Barclays bank raises bonuses after axing thousands of jobs

[unhappycamper]

http://www.rawstory.com/rs/2014/02/11/scandal-plagued-barclays-bank-raises-bonuses-after-axing-thousands-of-jobs/



Scandal-plagued Barclays bank raises bonuses after axing thousands of jobs
By Agence France-Presse
Tuesday, February 11, 2014 10:38 EST

Barclays will axe thousands of jobs and raise bonuses for its investment bankers this year, the under-fire British lender announced on Tuesday after posting a return to annual profits.

Chief executive Antony Jenkins, who has himself declined a huge bonus as Barclays is probed along with other banks over possible manipulation of foreign exchange trading, said that between 10,000 and 12,000 jobs would go worldwide this year.

Jenkins told a conference call with media that about 7,000 jobs would go in Britain, out of a global workforce of about 139,000.

Barclays, which is seeking to repair a reputation badly damaged by its role in the Libor interest rate-rigging scandal of 2012, increased the money available for staff bonuses by almost 10 percent to £2.378 billion ($3.907 billion, 2.858 billion euros).

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I see Barclays is using the American corporate banking model:

Fuck up. Get bigger bonus. Fuck up and end up with lawsuit(s). Fire workers due to pay for 'litigation' costs. Get bigger bonus.

[no_hypocrisy]

1. Keeping my job after a wholesale slaughter of lay-offs would be a bonus

onto itself.

[Laelth]

2. k&r for the truth, however depressing it may be. n/t

-Laelth