British Barclays bank boss gets £5.5m, bank workers get the sack

This video says about itself:

Barclays Hit With a $450 Million Dollar Fine Over LIBOR Rates

10 May 2013

LIBOR is an average rate set by banks each morning; it measures how much they are going to charge each other for loans. Andrew Stoltmann comments that banks have not learned anything from the market crash of 2008; he further indicates that criminal indictments are needed in order for CEO’s to learn their lessons. Peter Sorrentino also agrees with Andrew’s statement.

By Will Stone in Britain:

Job-slashing boss of failing Barclays takes 1m bonus

Wednesday 4th March 2015

The boss of Barclays accepted a bonus payout yesterday despite taking home in one year what it would take a minimum-wage worker 465 years to earn.

Anthony Jenkins took a £1.1 million bonus for 2014, the first he had accepted in two years, raising his total annual earnings to £5.5m.

It will prove controversial after a year in which Barclays has slashed 14,000 jobs — with another 5,000 to go by 2016 — and closed 72 branches.

Pre-tax profits, down 21 per cent to £2.26 billion in 2014, have been hit after the bank increased provision to cover any outcome of the probe into the foreign exchange rate rigging scandal by £750m to £1.25bn.

It also increased by an extra £200m its provision to cover compensation for customers to whom it mis-sold payment protection insurance (PPI).

TUC general secretary Frances O’Grady hit out at the anomaly of a head of a failing bank accepting such a large bonus when ordinary workers were battling against pay freezes.

“Profits have fallen at Barclays bank and they have had to make huge provision for fines,” she said.

“The chief executive rightly recognises that the bank’s culture must change, but it is hard to have a positive view of any organisation that pays its boss £5.5m in a single year — a sum that would take a full-time worker on the minimum wage 465 years to earn.”

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