Barclays increases bankers' pay and bonuses by 93% - banking jobs

People in investment banking jobs with Barclays are to have their salary and bonuses increased by up to 93 per cent.

According to Bloomberg, company filings show employees of Barclays Capital, the company's investment-banking department, were given a 93 per cent rise per employee this year.

The Royal Bank of Scotland Group reported an average increase of 73 per cent in compensation payments per employee across the organisation.

RBS had already revealed its decision to award £1.3 billion in bonuses to staff in its investment banking operations.

HSBC was the only one of the three largest UK banks where pay decreased. However, the company did pay head of investment banking Stuart Gulliver £10 million over the last year for his work in generating significant profits for HSBC.

RBS chief executive Stephen Hester was adamant that the company was right to award bonuses and the amount in remuneration was the "minimum necessary".

"We believe that within the context of the industry in which we operate we have been restrained and responsible," he said.

The pay increase comes as Barclays Capital announced an 89 per cent increase in pre-tax profits to £2.46 billion.

Updated: 04 March 2010.
Categories: banking-and-financial-services, london, market-and-industry-news.