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…
Barclays Bank Doles Out Bonuses As Profits Dip And Jobs Cut
Mark Melin
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.