Scandal-plagued Barclays bank raises bonuses after axing thousands of jobs

[Playinghardball]

Barclays will axe thousands of jobs and raise bonuses for its investment bankers this year, the under-fire British lender announced on Tuesday after posting a return to annual profits.

Chief executive Antony Jenkins, who has himself declined a huge bonus as Barclays is probed along with other banks over possible manipulation of foreign exchange trading, said that between 10,000 and 12,000 jobs would go worldwide this year.

Jenkins told a conference call with media that about 7,000 jobs would go in Britain, out of a global workforce of about 139,000.

Barclays, which is seeking to repair a reputation badly damaged by its role in the Libor interest rate-rigging scandal of 2012, increased the money available for staff bonuses by almost 10 percent to £2.378 billion ($3.907 billion, 2.858 billion euros).

More here: http://www.rawstory.com/rs/2014/02/11/scandal-plagued-barclays-bank-raises-bonuses-after-axing-thousands-of-jobs/

[arikara]

1. Well of course, thats the game

This is how they are messing around here with Canada Post. They screwed around with the actual services, spent a few billion on mechanizing which has to then be paid for. So suddenly they've juggled the books and can claim no profit therefore not give bonuses to the employees. Then based on that they start canning the workers, but management of course still gets bonuses but instead of being based on profit, its based on how many hours they can cut. It doesn't matter that its now taking 2+ weeks to get a letter across the country as customer service no longer has any priority whatsoever. The only priority is getting rid of workers.

What the middle management who is so gleefully following orders fails to realize is that they are next in line for the axe.