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Barclays Will Agree To Disagree On Executive Comp

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The atmosphere at the [shareholder] meeting was hostile from the start and the speeches were repeatedly interrupted by hecklers. Bob Diamond was booed as soon as he stepped on the stage to take his seat, and when Chairman Agius said Barclays had “made progress” over the last two years in accepting that “remuneration levels across the industry have to adjust to the new reality,” the audience burst into laughter. But Mr. Agius defended Mr. Diamond’s £6.3 million ($10 million) pay for 2011, saying he met almost all his targets in a difficult market environment. Alison Carnwath, who is chairwoman of the remuneration committee on the board, also defended the pay decisions but acknowledged that it was “clear that this view is not shared by all shareholders.” [Dealbook]


Layoffs Watch '12: Some Barclays Senior Executives Want To Crank Things Up A Notch

Earlier this month, it was reported that Barclays' investment bank chief Rich Ricci was working on a little something called Project Mango,* which is similar to Bank of America's Project New BAC in that one aspect of it involves firing a bunch of people, as part of a plan to revamp the unit. According to the Journal, management is now putting the finishing touches on Project M and all that is left to decide is whether cutting 2,000 IBD jobs is enough or if they should think bigger.

Layoffs Watch '12: Barclays

Cuts are said to have gone down in Bob Diamond's den yesterday. "FYI: layoffs yesterday at Barclays Capital. Lev Fin was hit hard (though Barclays was nice enough to do the cuts after bonuses were handed down, in addition to giving 1-month's pay)."