Barclays to cut IT jobs but reward CEO with big bonus
20 January 2012
Barclays’ CEO Bob Diamond could be in line to receive a £10 million bonus, despite the bank announcing plans to cut 422 IT jobs in the UK and outside the UK.”.
The Barclays chief executive, who receives a annum £1.3million salary, could receive shares worth seven-and-a-half times that amount, according to The Sunday Times.
Diamond has been a controversial figure since taking over as Group Chief Executive of Barclays in January 2011 and was once described by former business secretary Lord Mandelson as the “unacceptable face of banking”.
Barclays plans to axe the positions of 442 UK workers in its IT department, which amounts to 1/4 of the total UK workforce in the technology division.
The banks intends to retrain some staff to work under a new mobile technology division and will call for voluntary redundancies.
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