Barclays will have fewer ‘very highly paid’ workers after revamping investment banking, the bank’s chief executive Antony Jenkins told said in an interview with Bloomberg Television in Hong Kong.
"As we make our investment bank more focused, that means we will ultimately have less very highly paid people within the organisation," Jenkins said who was in Hong Kong to attend the Barclays Asia Forum. "That’s in line with the strategy."
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Barclays is ‘largely through’ cutting an initial 14 000 jobs and that will let the bank invest in businesses including wealth management in Asia, global payment services, and corporate and personal banking in the UK.
While investment banking would remain a key business, the operation would be smaller and less risky, Jenkins opined.
"Investment banking is part of the core but it has to be done in a different way," Jenkins added.
According to the bank’s annual report, 481 Barclays employees earned more than £1m in salary, bonus and incentive payments last year. Of those, eight earned more than £5m.
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