Don't expect pay restraint by Barclays new-boy Crawford Gillies
Outlook One thing that never seems to get cut is bankers' bonuses. Take Barclays, where they were boosted by 10 per cent despite falling profits.
Shareholders are understandably a little miffed about this, given that it's their money that's being paid out, so revolt is in the air as the AGM looms. Hence yesterday's appointment of Crawford Gillies to succeed Sir John Sunderland as chairman of the bank's pay committee.
Sir John, you may remember, told the Treasury Select Committee that even with the benefit of hindsight he would still have handed former chief executive Bob Diamond a bonus for 2011. That was a year in which Mr Diamond used the word "unacceptable" to describe Barclays' performance.
Sir John spoke to MPs as if they were errant schoolchildren when they called him in to explain himself.
Mr Gillies's first job upon taking over as chairman of Sir John's committee may be to smooth some of the feathers he ruffled. But will he actually change anything? That's rather doubtful.
He is a former management consultant with Bain & Co who has had various senior jobs and directorships since leaving.
Mr Gillies may utter honeyed words to keep shareholders onside, but don't expect to see much restraint when it comes to those "role-based allowances" that have been developed by Barclays to get around the EU's bonus cap and which have got senior bankers purring.
It was only a year ago that chief executive Antony Jenkins was promising to "shred" Mr Diamond's legacy and build a socially useful bank. There's clearly been a paper jam.
- 1 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 2 Nick Kyrgios calls former Olympian Dawn Fraser a 'blatant racist' after she tells Wimbledon star to 'go back where their parents came from'
- 3 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 4 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
- 5 The Greece debt crisis explained in less than 100 words
Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
Greece debt crisis as it happened: EU chiefs at loggerheads hours before Alexis Tsipras’s last ditch deal proposals
Florida teacher sentenced to 22 years in prison for sexually abusing three pupils
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...