Antony Jenkins knows people are pissed. He knows it looked bad to increase bonuses after profits fell. He knows investors want results. He knows everyone is tense. He also knows that if everyone would just sit tight, and give him a couple weeks to finish a project he’s been working on, a lot of people will feel a lot better about the pay situation come May 8, when he officially announces the firing of a boatload of employees.

Barclays PLC directors said Thursday that rivals are picking off the bank’s top staff because it can’t compete on pay. The claim was made at an unruly annual meeting of the bank’s shareholders, during which one of the lender’s biggest shareholders delivered an unusual public reprimand on remuneration. Barclays Chairman David Walker defended the pay decision, saying the bank was being “attacked very aggressively by its competitors,” particularly in the U.S. Mr. Walker added that Barclays had trouble recruiting staff for top jobs last year because it pays less than rivals, and that the number of U.S. senior staff who resigned last year had nearly doubled…

Chief Executive Antony Jenkins told shareholders that he understands their frustration, but to bear with him as he brings about major changes at the bank. These include a planned revamp of its investment bank that will be presented on May 8, and which executives have said will include significant job cuts.

Barclays Reprimanded Over Pay [WSJ]

Earlier: Bonus Watch ’14: Barclays Had Two Choices; Layoffs Watch ’14: Barclays Is Gonna Need 12,000 Empty Boxes

15 comments (hidden to protect delicate sensibilities)
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Comments (15)

  1. Posted by Captain Oblivious | April 24, 2014 at 3:07 PM

    Obviously this guy hasn't been paying attention to the layoff alerts. What jobs are these guys talking about?? Its all a ruse to pay themselves out. Look at Buffett, he doesn't even say anything about Coca Cola meanwhile that company is tanking.

  2. Posted by guest | April 24, 2014 at 3:08 PM

    huh?

  3. Posted by Big Poppa Pun | April 24, 2014 at 3:13 PM

    If you read the news Coke execs paid themselves out handsomely and WB obstained from the vote. Pussed out. Any questions? Is this Charles Gasparino?

  4. Posted by Short, But Long | April 24, 2014 at 3:41 PM

    Barclays sucks.

  5. Posted by Rob with one hand | April 24, 2014 at 3:47 PM

    Maybe bigger bonuses were needed to prep the rank and file for the long hard winter of unemployment

  6. Posted by Bubble Bobby | April 24, 2014 at 3:48 PM

    Put the Diamond back in…he'll know what to do

  7. Posted by guest | April 24, 2014 at 3:56 PM

    if they stop replacing the letter "B" every week maybe they will have the money to pay comp

  8. Posted by Fmr UBS MD | April 24, 2014 at 3:56 PM

    It sure is a long harsh winter. Except it will last your entire life. On the plus side, CC memberships and real estate are getting cheaper, too bad no one will have anything left. oh well, fun while it lasted.

  9. Posted by Fagette | April 24, 2014 at 4:02 PM

    I'd like to slap the shit out of Shazars parents first, then beat the living hell out of the BF for screwing his sister and making more babies everyone else gets to pay for. Lastly I would show up with a picket group to support the motel owner and shame the hell out of Jon and his good for nothing BF

  10. Posted by Yoyo Ma | April 24, 2014 at 9:00 PM

    Let's discuss how they treat their contractors….In NYC my daily rate was cut 10 % on 3 separate occasions over 22 months. Additionally, we were told take 10 "vacation" days (non paid of course) which is fine but in Q4 we were mandated in October to take an additional 10 non paid days before the end of the year Q4.

    Is this in keeping with your new 'principals' of respect and integrity Mr. Jenkins? you are an absolute asshole who treats people like shit. 85% of my team were contractors incidentally. It became impossible for people to earn a living. People should know the truth before they sign n with this third rate whorehouse.

  11. Posted by Turnip Truck | April 25, 2014 at 1:14 AM

    I'm fining you $20,000 for not knowing the difference between 'principals' and 'principles.'

    –Not B. Gross

  12. Posted by Phuk Mi | April 25, 2014 at 7:26 AM

    Barclays is now at the top of the "Most F'd Up IB League Table"

    -UBS "Most F'd Up IB League Table" Quant

  13. Posted by Guest | April 25, 2014 at 8:23 AM

    I have two words for you and your team: 13th Amendment.

    Or, put another way: STFU and get another job. If you are looking for principles, join the Peace Corps.

  14. Posted by British Leather | April 28, 2014 at 3:53 PM

    I agree with the statements above regarding contractors. They are not very well paid and take the hit for the wrongdoings of other highly compensated prix. You sir are an asshole. The 13th amendment?? wtf are you talking about? these guys are free to leave but some have no where to go.

  15. Posted by Uranus@ur.com | April 28, 2014 at 3:57 PM

    Point well made – contractors got stiffed at Barclays regardless of how they spell princepalls. Dick head