LONDON, May 8 (Reuters) - Barclays’ boss said bonuses will in future closely track the performance across the British bank, following a recent investor backlash after bonuses were raised despite a drop in profits.
“It is my intention that variable compensation should closely track performance across the group in future,” Chief Executive Antony Jenkins told analysts in a presentation.
Jenkins said Barclays’ smaller investment bank will focus on its core U.S. and UK operations and will “meaningfully reduce” the number of its clients. He said its top 1,000 investment bank clients accounted for more 75 percent of its investment bank’s revenues last year.
“We will not try to do everything, everywhere. We aim to be a globally relevant investment bank, benefitting from a top tier home market franchise in both the UK and the U.S.,” Jenkins said. It will cut back in Asia, where it will focus on U.S., UK and key global clients who do business in Asia, he said.
He was speaking after Barclays said the bank would cut 19,000 jobs in the next three years, 7,000 of them at the investment bank. (Reporting by Steve Slater; Editing by Matt Scuffham)