Barclays Bonus Snatch, Citi CEO Wants To Stop Destruction, BNP Paribas Reorganisation

Barclays Building Sign

Barclays is weighing whether to recoup some or all of the £290m Libor rate-rigging fine imposed by regulators last year from the 2012 bonus pool of its investment bankers.

The Financial Times reports that the news, which echoes a similar plan under consideration by Royal Bank of Scotland, emerged as Barclays’ chief executive warned employees to abide by stringent ethical standards or choose to leave the bank. Barclays is seeking to rebuild its reputation in the wake of the Libor affair and a series of other scandals.

Inj the meantime, Bloomberg reports that Citigroup CEO Michael Corbat, who took over the firm in October, said one of his goals is to 'stop destroying our shareholders’ capital'.

Corbat, 52, was asked on a conference call with analysts what he hopes to have achieved when he looks back on his accomplishments five years from now.

'We’ve got to get to a point where we stop destroying our shareholders’ capital', said Corbat, who replaced Vikram Pandit after the former CEO was ousted last year. 'I’d say that would certainly be at the top of our list. That we run a smart and efficient business that’s good at its allocation of its resources around its customer and client segments'.

Finally, Reuters reports that BNP Paribas plans to spend $1.34bn over three years to reorganise and simplify its businesses, French daily Agefi said on Friday, without citing its sources.

BNP presented the highlights of the plan code-named Simple & Efficient 2015 to staff representatives on January 16th, and could make it official when it unveils its annual results on February 14th, the paper said.

Barclays eyes bonus pool to pay Libor fine (subscriber content)

Citigroup Goal Is to Stop Shareholder Capital Destruction

BNP Paribas seen spending 1 bln euros to reorganise

 

image: © Elliot Brown

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