Barclays Bank Doles Out Bonuses As Profits Dip And Jobs Cut

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Mark Melin
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Updated on

As Barclays PLC (NYSE:BCS) (LON:BARC) agrees to settle record fines for rigging markets,  and the firm’s litigation provisions increased 142% in 2013, it nonetheless found the courage to provide its 12 most senior executives $53 million (31.8 million pounds) in bonuses. The American-born CEO of the UK bank, Hugh “Skip” McGee, received over $14.7 million as bank profits plummeted and the bank has plans to eliminate nearly 12,000 jobs.  The bank pretax profit in the fourth quarter of 2013 was $316 million (191 million pounds) versus $2.3 billion (1.4 billion pounds) in 2012.  McGee, a former Lehman Brothers executive, joined Barclays…

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Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.