Next Gen News

. Association of British Insurers attack bonus levels

. Bob Diamond constraints necessary to "celebrate the fruits of the success of '

. Annual Premiums executives up to 48% in 2010

. Profits fall by 3% to £ 5.9 billion, the return on equity to 6.6%

Barclays Bank is on a collision course with its shareholders despite insisting he has moved aggressively to exercise restraint in wage its capital investment bank Barclays.

the bank reported a decrease of 3% of their profits to shareholders of £ 5.9 billion, the possibility of calling the bank executives, led by Bob Diamond, for explain the extent of the payment slip - where the average wage for bankers was about 24,000 pounds 200,000. Shareholders may also vote against the remuneration report, or even some administrators at the annual general meeting in April.

Given the political pressure on the links after the scandal surrounding the bonus of 1 million pounds-about Royal Bank of Scotland chief executive, Stephen Hester, Diamond said he was important to "celebrate the rewards for success and then we will not have an economy."

"We must be comfortable in this country to talk about growth, growth, growth. Business, business, business. Jobs, jobs, jobs. Economy, economy, economy. And I think if we do not recognize the need to change the cloak of public sector growth to the private sector, if we realize that every time someone talks about the late leader of the reward for not also not about the reward for holding successful, then we will not have an economy, "he said.

size diamond premium will not be revealed until next month when the bank's annual report is published. However, an inquiry by the bank that the average compensation of the highest paid eight bankers and the management team was reduced by 48% led to speculation that chief executive pay was between £ 900,000 and 3 million pounds.

Before bank earnings season, which began with Barclays on Friday, a body of shareholders, the Association of British Insurers, banks had written to urge wage restraint -. And held meetings with the heads of banks themselves

After learning that as a percentage of the profits of BarCap, the pool was 35% bonus (against 36% last year), Robert Talbut, chairman of the investment committee of the ABI , said Friday that there was no change step Barclays: "Although the overall levels of bonuses at Barclays have been reduced, Barclays Capital, this reduction in line with the decline in profit before tax

"This seems to be very close to business as usual. It is the sign of change needed to improve investment prospects."

Diamond had tried to avoid a fight with shareholders by limited cash bonus of £ 65 000, but admitted that the returns to shareholders were "unacceptable". The targets set last year - to produce a return on equity (a measure critical performance used by shareholders) of 13% in 2013 - are now unlikely to be returned by the bank were only 6.6% in 2011 to 2010 of 6.8%. However, the advisory group Pirc shareholder asked if the bank statement of its intention to pay 2 billion pounds in bonuses deferred into the future allows the bank to flatter performance.
Unions were impressed

too. TUC, Brendan Barber, general secretary - who wants to taxable bonds - said the payments showed that "the obligations of the City have nothing to do with the rewards for success"

Diamond
reiterated the commitment of the bank to "citizenship" and repeatedly refused to reveal whether he had received a bonus offer, what is the size of it could be, and if I had the intention of taking it. The chairman, Marcus Agius, also refused to disclose the payments. The bank also admitted that he paid only "a relatively small amount" of UK corporation tax.

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