Barclays to reveal that it employs more than 600 millionaires


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The Independent Online

They are Barclays' fortunate few –the 600 millionaires at the very top of its pay scales.

Next week, the bank will – for the first time – put an exact figure on the number of staff who enjoy seven-figure salaries made up of basic pay, an annual bonus and shares issued through long-term incentive plans. It is understood that this number will be "around" 600 with most of them believed to work for Barclays Investment Bank, which is currently run by the flamboyant racehorse owner Rich Ricci, who will be among their number.

The bank is also preparing to publish a detailed breakdown of its pay scales, from the lowliest teller to the highest-paid deal-makers. It means that Barclays will go beyond even the recommendations made by its new chairman, Sir David Walker, when he produced a report into the way banks are governed for the last Government some time before he joined Barclays.

In it, he called for banks to disclose the numbers of people earning between £1m and £2.5m and from £2.5m to £5m as well as all those above £5m. But he did not require names to be published.