What have bankers ever done for us?

Shareholder who spoke for Britain at Barclays AGM

FURIOUS Barclays shareholders vented frustration at the generous pay packages handed to hundreds of its top traders yesterday – with one investor asking: ‘What has their “talent” ever done for us?’

The scandal-hit lender faced a barrage of criticism from long- suffering investors, many of them pensioners, at its annual general meeting in London.

Shareholders are reeling from big losses in their investments and pension funds as Barclays’ share price has plunged since the financial crisis. Last year its profits dropped again by 21 per cent to £2.3billion after it was hit by huge bills for wrongdoing.

But yesterday chairman Sir David Walker defended the bank’s decision to pay out £1.86billion in bonuses, including packages of more than £1million to 359 employees.

Group chief executive Antony Jenkins saw his pay package more than triple to £5.5million, after opting to accept a £1.1million bonus. Facing criticism over the pay package, Sir David claimed the bank needed to pay ‘competitively’ to attract the best talent.

But the argument received short shrift from investors who have seen Barclays fork out billions for various scandals while the share price has fallen from £7 to just under £2.60.

During the height of the financial crisis in 2009 they fell to 47p, leaving many savers who sold their shares with huge losses. Shareholder Phil Clarke said: ‘ Employees should share the wealth created by great companies. My problem is what happens when there is no success – and there is limited success in this company.’

Referring to Monty Python’s ‘what have the Romans ever done for us’ sketch, Mr Clarke said: ‘I’d like to paraphrase Monty Python and ask what has all this “talent” done for us?

‘The answer is this talent has made losses for shareholders, destroyed value and dragged our reputation through the mud to the extent that banker has become a dirty word. Yet these people have enjoyed massive salaries and we’ve paid for it.’

At the meeting, Barclays’ bosses referred repeatedly to the moral values of the bank’s Quaker founders, with chairman Sir David describing how they ‘relied on their own hard work, pioneering spirit and moral code to become trusted figures in their communities’.

But the comments incensed one pensioner – who pointed to the ‘criminal’ behaviour of Barclays in the 21st century.

Barclays is currently waiting for a huge fine for manipulating the £ 3trillion- a- day foreign exchange market, and has set aside almost £1.3billion so far for the scandal. Last year it was also forced to set aside £1.1billion for mis- selling payment protection insurance, taking its total bill so far to £5.2billion.

Michael Mason–Mahon said: ‘The men who started it were honourable. But you seem to have lost your way.’ He added: ‘Our society cannot longer cope with bankers that are hell-bent on criminal acts, leaving shareholders to pick up the tab.’