Barclays Hikes Cash Bonuses for Senior Dealmakers

Barclays UK has announced today that it has paid bonuses to top staff in the corporate and investment bank worth £1.2 billion, which is an increase of 30% from last year. The bank said that it increased bonus allowances for the so-called ‘material risk takers’ – dealmakers – because they have had an important impact on the company’s business activities.

Barclays defines material risk-takers as senior executives and "employees whose professional activities could have a material impact on the Group’s risk profile." They are normally managing directors and senior traders.

Additionally, the lender stated that it has increased the bonus pool for all its employees, with the amount it put aside for variable compensation up by 23% to £1.9 billion.

Only 875 employees are classified as ‘material risk takers’ within Barclays International. The bank said that it has paid them far more than other business lines.

In a media press conference with journalists, CS Venkatakrishnan, Barclays’ Chief Executive, said that he was “very confident we have paid competitively.” In addition, he stated that the “war for talent is something that has been there for the last year and is going to continue into this year.”

The pay rise comes as Wall Street and European rivals have increased pay for their top performers. HSBC recently increased its bonus pool by 31% to $3.5 billion. Goldman Sachs also has increased bonus payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for dealmakers by up to 50% in 2021.

Expanding Financial Access

The move by Barclays aims to motivate and appreciate the work that its dealmakers are doing to offer better services to its customers. The lender continues to provide superior quality services to its clients.

Last month, Barclays partnered with Rainmaking, a major corporate venture builder, to build ‘Rise Start-Up Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term academy,’ an online digital skills-building accelerator, to help startups across the world strive in their business activities.

In November last year, the lender expanded its prime brokerage services, a time when several other rivals stepped back from the space after the collapse of Archegos Capital. The Bank viewed prime services as a big opportunity to give clients different ways of diversifying their wealth.

Last year, Barclays partnered with Simply Business, a major insurance provider, to provide small and medium-sized businesses with access to a variety of affordable insurance coverages.

The above deals are the latest in a series of partnerships that Barclays has made in recent years to provide new financial services to its customers.