Barclays stocks down on full results

Barclays has increased its staff bonus pool.

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By :  ,  Financial Analyst

The share price of Barclays has slipped this morning after the bank revealed its full results for 2013, including announcing its staff bonus pot has been increased.

Barclays stated yesterday (February 10th) that it had made pre-tax profits for 2013 of £2.9 billion, but its adjusted pre-tax profits fell to £5.2 billion.

The bank released the data early in response to a report published by the Financial Times.

In the full statement today, Barclays announced that its total bonus pool for 2013 was up by ten per cent to £2.38 billion, a significant increase from the figure of £2.17 billion that was recorded by the bank in 2012.

However, chief executive Antony Jenkins confirmed he has made the decision to waive his own annual bonus for the year.

"At Barclays, we believe in paying for performance and paying competitively," he said.

At 08:13 GMT this morning, the share price of the bank was down by 1.78 per cent for the day and dropping quickly. This is a blow for the stock, which rose on the initial results yesterday.

2013 progress

In a statement released earlier in the month, Mr Jenkins explained that he was positive about the changes Barclays has been able to make over the course of the last 12 months.

"I am particularly proud of the progress we have made in starting to rebuild trust, in defining and implementing a common culture, in repositioning the business for the future, and in significantly improving our balance sheet," he said.

The Barclays chief executive added that he is aware of the very significant costs which have been required to address legacy litigation and conduct issues at the bank in 2013.

"When combined with the substantial rights issue we completed in the autumn, I have concluded that it would not be right, in the circumstances, for me to accept a bonus for 2013, and I have therefore respectfully declined the one offered to me by the Board," he said.

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