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Salaries rose to compensate.

Barclays' bonuses for top bankers and traders down 22%

Barclays' results for last year are out and if you're one of the 864 material risk takers (MRTs) in the corporate and investment bank, they reveal that last year's compensation wasn't at all bad.

Barclays paid the MRTs in its corporate and investment bank a total of £615m in salaries and £555m in bonuses. As per the chart below, this averaged a £712k salary and a £642k bonus per head. 

Last year's average MRT bonus was nonetheless down 22% compared to 2021. But 2021 was an unusually generous year and the bonus squeeze was mitigated by a healthy and unexpected rise in average MRT salaries, which came despite the expectation that top salaries at British banks will fall as the bonus cap is lifted.    

Figures for the number of people earning more than €1m at Barclays suggest that the bonus squeeze was most acute among the highest earners in the investment bank, with the number of people earning over €6m down from 22 in 2021 to 12 last year. However, the number of earners in the €4.5m-€5m bracket went from three to 12. 

Barclays' generosity followed a 65% increase in fixed income sales and trading revenues, but a nearly 40% decline in investment banking fees. CFO Tushar Morzaria and CEO C.S.Venkatakrishnan had their compensation reduced to compensate for a £220m relating to the over-issuance of securities in 2021. 

Median pay at Barclays plc

Photo by Joshua Lawrence on Unsplash

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AUTHORSarah Butcher Global Editor

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