Barclays Profit Rises 17% on Equity Trading as Shares Fall on £1.3 Billion Bonus Payout
Barclays reported a 17% increase in half-year profit driven by strong equity trading results, beating earnings estimates and lifting its full-year income outlook.
The bank shifted to a Wall Street-style compensation structure for senior bankers, boosting bonuses and reducing fixed pay after the UK removed the bonus cap. Performance pay rose nearly 30% to £1.3 billion in the first half, while salaries increased less than 1%, with the bank forecasting an additional £100 million to £150 million in compensation costs for the second half. Shares fell as investors priced in the higher cost base.
From the sources (5 posts)
@deitaoneBARCLAYS SHIFTS TO WALL STREET PAY MODEL Barclays will boost bonuses and reduce fixed salaries for senior bankers, aligning pay more closely with Wall Street. Performance pay rose nearly 30% to £1.3B in H1, while salaries increased less th
@businessBarclays is moving to pay its bankers more like Wall Street firms do, offering higher variable compensation and lower fixed pay
@reutersBarclays profit up 17% on equities boom, but shares fall as costs set to rise
@businessEquities traders at Barclays helped the bank to surpass earnings estimates and nudge its income outlook higher
@marketnews_feedBARCLAYS SHIFTS TO WALL STREET PAY MODEL BARCLAYS WILL BOOST BONUSES AND REDUCE FIXED SALARIES FOR SENIOR BANKERS, ALIGNING PAY MORE CLOSELY WITH WALL STREET. PERFORMANCE PAY ROSE NEARLY 30% TO £1.3B IN H1, WHILE SALARIES INCREASED LESS TH