Uncle Spielberg
Well-known member
Banking giant Barclays has seen its full-year profits increase by 92% to £11.6bn in 2009.
The figure was boosted by the sale of its BGI fund management arm to US firm BlackRock last year.
Stripping this out, profits were £5.3bn with £2.5bn coming from its Barclays Capital investment banking business.
The bank, which did not take any direct state help during the financial crisis, also saw the level of its total bonus payouts rise.
It will pay £1.5bn in bonuses for 2009 and a further £1.2bn to be paid over three years.
But it said that chief executive John Varley and president Bob Diamond had turned down bonuses for the second consecutive year, given "intense public interest and concern" about bankers' pay.
The large profits enjoyed by bankers have prompted widespread public anger because the banking sector was widely perceived to have taken dangerous risks which led to the global recession.
Banks defended
Barclays opted not to join the UK government's bail-out scheme for banks, instead opting to rebuild its finances using funds from the Middle East.
Last week, Mr Varley defended the role of big banks in the global financial system.
Appearing in front of the Treasury Committee, he said that big banks were not necessarily riskier than small banks.
Barclays said it had loaned about £35bn to businesses and households in the UK in 2009, having promised in April to lend at least £11bn.
The willingness for banks to lend is seen as an important factor for economic recovery.
What do people think about this ?.
The figure was boosted by the sale of its BGI fund management arm to US firm BlackRock last year.
Stripping this out, profits were £5.3bn with £2.5bn coming from its Barclays Capital investment banking business.
The bank, which did not take any direct state help during the financial crisis, also saw the level of its total bonus payouts rise.
It will pay £1.5bn in bonuses for 2009 and a further £1.2bn to be paid over three years.
But it said that chief executive John Varley and president Bob Diamond had turned down bonuses for the second consecutive year, given "intense public interest and concern" about bankers' pay.
The large profits enjoyed by bankers have prompted widespread public anger because the banking sector was widely perceived to have taken dangerous risks which led to the global recession.
Banks defended
Barclays opted not to join the UK government's bail-out scheme for banks, instead opting to rebuild its finances using funds from the Middle East.
Last week, Mr Varley defended the role of big banks in the global financial system.
Appearing in front of the Treasury Committee, he said that big banks were not necessarily riskier than small banks.
Barclays said it had loaned about £35bn to businesses and households in the UK in 2009, having promised in April to lend at least £11bn.
The willingness for banks to lend is seen as an important factor for economic recovery.
What do people think about this ?.
