Barclays Joins Bonus-Cutting Banks (BCS, DB, MS, CS, C, BAC)
Following a poor fourth-quarter earnings report, Britain’s Barclays plc (NYSE: BCS) will join other big banks like Deutsche Bank AG (NYSE: DB), Morgan Stanley (NYSE: MS), Credit Suisse AG (NYSE: CS), Citigroup Inc. (NYSE: C), and Bank of America Corp.…
Following a poor fourth-quarter earnings report, Britain’s Barclays plc (NYSE: BCS) will join other big banks like Deutsche Bank AG (NYSE: DB), Morgan Stanley (NYSE: MS), Credit Suisse AG (NYSE: CS), Citigroup Inc. (NYSE: C), and Bank of America Corp. (NYSE: BAC) in cutting bonuses for its investment banking group.
The bank set a limit on cash payments of ₤65,000 and cut salaries for its top management by 50%. At the same time, Barclays raised its dividend by 9%, taking some of the sting out of the poor quarter — at least for investors.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
