Feb 23, 2017
Barclays chief shows confidence with bonus shake-up
It is a sign of Jes Staley's growing confidence that he can turn Barclays' investment bank into a business capable of generating an attractive return on equity that he has taken the costly decision to shake up its bonus structure. Buoyed by a 14 per cent rise in pre-tax profits at the corporate and investment bank last year, the Barclays chief executive has changed the way the bank accounts for deferred bonuses - taking the cost up front when they are awarded instead of waiting until they vest. Late last year, Barclays balked at the cost of a proposed settlement, prompting the US Department of Justice to file a civil lawsuit against the bank and two of its former employees. Barclays has confirmed that it will pay nearly $1bn to its South African subsidiary, Barclays Africa, to separate their operations so it can sell down its stake in the collection of regional banks in the market. The agreement, worth a fifth of Barclays' stake, was a requirement before the bank can sell down under 50 per cent and stop recognising Barclays as part of its balance sheet.
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