Barclays drops profits, cuts bonuses

Reported by AAP
Friday, February 10, 2012

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British bank Barclays says its net profit for 2011 is 16 per cent down to STG3.0 billion ($A4.42 billion) compared with a year earlier.

Barclays says it is reducing its bonus pot to STG2.15 billion, down 25 per cent compared with 2010, amid a backlash in Britain over bankers' pay.

"I am proud of what our people at Barclays achieved in 2011," Barclays chief executive Bob Diamond said in the company's results statement.

"Against the backdrop of challenging economic and market conditions, we maintained our focus on clients and customers while supporting the real economy, as well as the needs of our shareholders, colleagues and the communities in which we operate.

"As a result, we have delivered a strong set of results, both financially and in terms of our execution priorities," Diamond said.

21/05/2012 23:57Sydney, Australia. 21 May,2012
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