It’s a lot more than the £12k at RBS, but it’s a lot less than six figures.
The average, non-member of code staff, at BarCap appears likely to receive £46k this year.
This follows widespread reports this morning that BarCap is going to reduce its bonus pool by 25-30%, to $1.5bn.
Bloomberg reports that the pay cuts will not be restricted to senior people. Vice presidents, analysts and associates, will also be affected. Instead of receiving $750k a year, third year VPs will now be receiving $650k, it alleges.
Nevertheless, a lot of people at BarCap appear likely to receive a lot less. Last year, BarCap paid 231 code staff £2.4m each. If BarCap’s code staff are paid 25% less, that will leave £1.1bn to be distributed around the remaining 23,769 people, which amounts to £46k if divided equally (which it clearly won’t be).
BarCap is rumoured to have contemplated cutting 5% of its MDs, but apparently this isn’t happening.
Separately, Ed Miliband will be making a speech today blaming bankers for library closures, schools’ inabilities to afford books, and the cold weather. Miliband is calling a vote in the House of Commons on February 7th asking MPs to register their agreement with the notion that pay at all British banks is out of control. The result won’t be legally binding, but may pave the way for something that is.
(For anyone wondering, code staff are defined here.)