Barclays says it was losing staff, candidates turning down jobs

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'We saw significantly higher numbers of high quality people we wanted to recruit turning down our offers. We were losing people who were crucial to the future of the investment bank in an extremely competitive environment'.

Bloomberg News reports that Barclays Chairman David Walker defended bonuses paid to investment bankers, saying the banker needed to retain talent last year as U.S. competitors stepped up pay.

'We saw significantly higher numbers of high quality people we wanted to recruit turning down our offers', Walker said at the bank’s annual general meeting Thursday in London. 'We were losing people who were crucial to the future of the investment bank in an extremely competitive environment'.

The bank also said that it will post a 'small reduction' in first-quarter pretax profit as revenue at its investment bank’s fixed-income unit declines. Barclays drew criticism from investors when it simultaneously announced a larger bonus pool and tumbling fourth-quarter profit in February.

To access the complete Bloomberg article hit the link below:

Barclays Chairman Defends Bonuses as Profit Decline Seen

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