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Barclays to reveal how many staff earn over £1m

Barclays Rain 480

Barclays is set to reveal that up to 600 of its staff are paid more than £1m in a detailed disclosure next week about the earnings of its 140,000 employees.

The Guardian reports Barclays will disclose how much is earned by the highest and lowest members of the bank’s staff as part of its annual report. Analysts have told the newspaper they estimate as many as 600 Barclays staff could take home more than £1m.

The move has been led by Barclays chairman Sir David Walker, who replaced Marcus Agius following the Libor rigging scandal in June.

Walker was commissioned by the Labour government in 2009 to review banking standards and called for pay to be disclosed in bands above £1m. He told the Parliamentary Commission on Banking Standards in September that the pay of the top 50 to 100 bankers should be disclosed.

Barclays is likely to calculate total take-home pay based on salaries, annual bonus and the value of any long-term incentive plans.

The newspaper says Royal Bank of Scotland is also considering whether to provide more details about pay for 2012.

Barclays said 238 staff were paid an average of £1.2m in 2011, while 386 RBS staff were paid an average of £820,000. A total of 192 HSBC staff were paid £1m or more in 2011.

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. I’m not so much bothered by how many staff earn over £1,000,000 – what bothers me more is the inevitable vast gap between their highest and lowest paid staff.

  2. Have I missed something here? What difference is this goingto make to anybody? Please let me have your thoughts ladies and gents as I am at a loss as to what is hoped to be achieved with this. PS I am na IFA not banker.

  3. Marty,
    I think it may go some way to establishing a link between banking frauds etc and who is getting paid huge amounts after assisting these situations.

  4. Why is anyone at Barclays worth paying £1million in wages?

    I am really glad I am not a shareholder in this profligate bank with its foreign backers.

    I have definitely been in the wrong job for decades.

  5. Will Barclays distinguish between how many are paid more than £1m and how many earn more than £1m? More to the point will they be revealing how much in the way of bonuses will be clawed back for past years from those who are responsible for so many of the problems, fines and compensation payments that Barclays have faced.

  6. Ned, a certrain Hector Pants is certainly enjoying such a luxury, wonder if the FSA would put him under any spotlight, now that I would like to see!!!!

  7. what would be even more interesting would be if they disclosetax paid in bands too so you could see the pay compared to tax. That would probably cause more of an uproar!

  8. According to the recent Panorama programme Bod Diamond was paid about £20m a year. It took them a great deal of investigation and research to come up with this figure as it was hidden amongst numerosu documents and annual reports. As far as I am aware no one at Barclays has contradicted this figure. Will all remuneration be fully disclosed or will they just find better ways of hiding it.

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