Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://secure.socialistparty.org.uk/issue/799/18186

From The Socialist newspaper, 19 February 2014

Barclay's bonuses - laughing all the way to the bank

A finance worker, Leicester

It has been announced that Barclays Bank is to cut 10,000-12,000 jobs in 2014, 7,000 of which will be in the UK.

This comes hot on the heels of the 7,650 jobs axed only last year. Chief Executive Antony Jenkins cited 'loss of profits' as the reason for giving 9% of his staff the sack, 92.5% of whom will be frontline workers.

But despite Barclays' profit slump, its pre-tax gains were still 5.2 billion for 2013. The pocketing of this at the expense of providing secure employment starkly reveals their priorities.

Some of the primary causes for this loss of profit have been the costs of 'internal restructuring' and paying legal costs. 1.2 billion alone has been spent on the 'Transform' programme to change Barclays into a 'better-behaved' bank, ie to operate legally within regulatory guidelines.

These changes come in the wake of a series of scandals surrounding Barclays, including being the market front-runner in mis-sold PPI, fined 290 million for rigging Libor interest rates, forced to dissolve their tax avoidance division, as well as thousands of files of customer data being leaked and sold.

This is not to mention the central role the finance sector as a whole played in the 2007-8 crash, which has devastated millions of lives around the world.

It is clear that banks like Barclays do not feel they bear the responsibility for the destruction they have wrought.

Instead, the price of Barclays' illegal gambling and profiteering is being passed on to their workers in the form of job losses.

The latest affront came when it was revealed that at the same time thousands are being laid off, the bank's bonus pool for 2013 rose by 10% to an eye-watering 2.38 billion! Investment bankers in particular are seeing an increase of 13% (1.6 billion).

Since public money was used to bail out the banks they have paid out much more in bonuses than in corporation tax, with Barclays in 2012 paying 82 million in CT while having a bonus pool of 2.1 billion!

It's obvious that the banks are incapable of restraint when there's the potential to make a quick buck.

Improving trade union membership among finance workers is a key first step towards fighting back against these attacks.

Ultimately though, unless the banks are taken into public ownership there will be no stopping the practices of gambling and corruption, and the public will inevitably be footing the bill.

Donate to the Socialist Party

Coronavirus crisis - Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • Our 'fighting coronavirus workers' charter', outlines a programme to combat the virus and protect workers' living conditions.
  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our special coronavirus appeal.

Please donate here.

All payments are made through a secure server.

My donation

 

Your message: 

 


In The Socialist 19 February 2014:


Socialist Party news and analysis

Floods chaos: End cuts now!

Floods reveal rottenness of government cuts

High rents + low wages - End this housing misery

Scotland: 'Project Fear' goes into overdrive

Affordable childcare? And where are the jobs?

Barclay's bonuses - laughing all the way to the bank

Them & Us


International socialist news and analysis

Bosnia: mass protests show potential of working class


Socialist Party workplace news

Doncaster care workers vote for seven-day strike

Care worker action escalates in Glasgow

Runcorn: Workers' solidarity scores victory

Newham primary school strike over new pay scheme

Workplace news in brief


Socialist Party reports and campaigns

Time to strike the bedroom tax a killer blow

Service users "terrified" by cuts in Worcester

Kent: Marching to save children's centres

Anti-cuts councillor exposes devastating cuts plans

Councils pass on Tory pain

Medway council will "rue the day" they attacked library

Fast Food Rights day of action

Stop the deportation of Jermaine Strachen

Socialist Party conferences prepare for year ahead


The Socialist readers' comments

Working nights is bad for your health

Cuts make the job impossible

Cycling deaths must be stopped

'Criminal' waste and 'legal' waste

Campaign against "Lobbying Bill"


 

Home   |   The Socialist 19 February 2014   |   Join the Socialist Party

Subscribe   |   Donate   |   PDF  |   ebook






Related links:

Bonuses:

triangleArgos Christmas bonus cut

triangle10 years since the financial crash - the socialist answer to capitalist crisis

triangleCity bosses' 40m bonuses as Number of food banks hits 2,000

triangleStop the 54,000 yearly maternity sackings

Banks:

triangleThem & Us

trianglePrince Andrew outrage exposes establishment

triangleKarro Foods victory Hull

triangleWhat lies behind the US-China trade war?

Tax:

triangle30 years since the huge anti-poll tax demo... And how mass non-payment of the tax was built

triangleNewham campaign set up against council cuts and tax hikes

triangleLiverpool & District Socialist Party: 30 years ago - How the poll tax was defeated

Jobs:

triangleEssential workers deserve more

triangleNationalise to save jobs threatened by Covid-19 and downturn

Bankers:

triangleThem & Us

News and socialist analysis

News and socialist analysis

8/4/20

Coronavirus

Tory lies cost lives

8/4/20

Labour Party

End of the Corbyn era - Organise to fight for socialist policies

7/4/20

Coronavirus

Dispatches from the front: shortages of NHS staff, equipment - and union leadership

7/4/20

Coronavirus

Workers take action while union leaders call truce with government and bosses

6/4/20

Coronavirus

EE puts workers' health and safety at risk

6/4/20

Coronavirus

Capitalism causes crisis profiteering: fight for workers' oversight and public ownership

6/4/20

Coronavirus

Under the microscope: Pandemic news in brief

6/4/20

Labour

End of the Corbyn era

1/4/20

Coronavirus

As coronavirus crisis intensifies, class antagonisms deepen

1/4/20

Coronavirus

NHS supply chain worker: privatisation has cut equipment quantity and quality

1/4/20

Coronavirus

NHS workers speak out: austerity has left us unprepared

1/4/20

Coronavirus

PPE, Tests, Full pay - for all now

1/4/20

Coronavirus

New laws: Unions must be on guard against attacks on workers' interests

1/4/20

Coronavirus

Labour must resist 'Covid coalition'

31/3/20

Coronavirus

Coronavirus news in brief

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 079 8202 1969

East Mids: 077 3797 8057

London: 07748 534 891

North East: 078 4114 4890

North West 079 5437 6096

South West: 077 5979 6478

Southern: 078 3368 1910

Wales: 079 3539 1947

West Mids: 024 7655 5620

Yorkshire: 077 0671 0041

ABOUT US

ARCHIVE

Alphabetical listing


April 2020

March 2020

February 2020

January 2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999