Whopping £20m salary to top notch Barclays bankers surpass all |
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Tue, 03 May 2005 12:20
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Want to know what it takes to earn impressive salaries? Well, you ought to ask Barclays fpr advice.
Chief executive of Barclays Capital, Bob Diamond, and head of structured capital markets, Roger Jenkins; both earned £20m plus each in 2004, outshining all the other bankers and employees at Barclays. In fact, their earnings surpassed the salaries of even the chairman, Matt Barrett and other board members.
| Diamond and Jenkins, neither of them are a part of the Barclay board and according to a newspaper report, their mega earnings are about twice the joint salaries and bonuses of £10.4m paid to the five executive directors of Barclay as well as to Matt Barrett.
What’s more, Barclay’s chief executive, John Varley also drew a 10 times less salary of £2.07m in 2004 than Diamond and Jenkins. To put it differently, the extraordinary £20m figure equalled the salaries of all the 500 Barclay bank managers, which ranged from £25,000 to £40,000.
The structured capital market division headed by Roger Jenkins is a division specialising in generating intricate tax-efficient products to help corporate clients and consumers save significant amounts of money. Though this division is a feature with all prime banks, reports claim that Barclay’s division headed by Jenkins excels all its competitors and contemporaries. Furthermore, Jenkins has taken long strides ahead by extending the division’s operations to incorporate finances of takeover deals or purchase of stakes in different companies in collaboration with private equity firms.
Likewise, Barclays Capital, the investment banking section of Barclay, is a division of the group including private equity firm, Apax, along with the property giant, Robert Tchenguiz that recently made a proposal worth £1.12bn for the supermarket mogul, Somerfield.
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