What about a new career opportunity @ Barclays Cap? Go with American Firms!!!! (Read on!)
I am keeping my critique light today Because Bloomberg is saying it all.
Stay away from European Firms this year Guys!!! And if your in one now (Call, Email, Link-In with me asap), Its a bad 2012 Play !!!! Read on!
Feb. 10 (Bloomberg) – Barclays Plc, the first of Britain’s biggest banks to report full-year earnings, cut bonuses at its investment banking unit by 32 percent after profit fell.
Net income for 2011 fell 16 percent to 3 billion pounds ($4.74 billion) from a year earlier, missing the 3.27 billion- pound median estimate of 11 analysts surveyed by Bloomberg. The bank raised its full-year dividend by 9 percent and said its investment banking unit made an “encouraging start” to the year. The shares climbed as much as 5.1 percent.
The lender today set a 65,000-pound limit on cash bonuses and cut remuneration for its top executives by almost half. The bank may still miss the 13 percent profitability target Chief Executive Officer Robert Diamond set a year ago. Return on equity fell to an “unacceptable” 6.6 percent in 2011, he said today. Barclays was the last British consumer bank to have kept its profitability target as Europe’s debt crisis and tougher regulation eroded investment-banking earnings.
The company has declined 26 percent in the past year in London trading, compared with a 27 percent drop in the 43-member Bloomberg European Banks and Financial Services index at yesterday’s close.
The London-based lender today also raised its cost-cutting target for next year to 2 billion pounds to bolster profit.
Total revenue at Barclays Capital in the fourth quarter declined 48 percent to 1.82 billion pounds. UBS AG, Switzerland’s biggest bank, this month said investment banking revenue dropped 36 percent to 1.8 billion francs ($2 billion). Credit Suisse Group AG yesterday said revenue at its securities unit fell 64 percent.
“Bob’s track record is unrivaled, but today is not his finest hour,” Ian Gordon, an analyst at Investec Bank Plc, said in a note to investors. Barclays Capital’s revenue was “very weak,” he wrote.
Barclays Capital set aside 47 percent of its income for remuneration in 2011, up from 43 percent for the previous year. The unit reduced its 2011 bonus pool by 32 percent to 1.54 billion pounds and capped cash bonuses at 65,000 pounds.
The cash cap was “the right thing to do” because banks need to be “responsive to the public mood,” Diamond, 60, told reporters.
Annual pay for executive directors and the eight highest- paid senior executives will decline by 48 percent on the previous year, Barclays said today
Diamond declined to comment on his bonus this year after receiving a 6.5 million-pound award last year.
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