Barclays braced for battle as investors protest pay report

 
Tim Wallace
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A LARGE minority of shareholders are set to vote against Barclays’ remuneration report at today’s AGM – but a resounding majority are expected to back its future pay plans.

Just 65 per cent of investors are set to back the report in the non-binding vote. However, more than 90 per cent are expected to back its future pay plan, strongly supporting proposals to avoid the EU bonus cap. The votes will see investors approve bonuses for top staff of up to twice the level of their salaries and will back the new role-based pay allowances. These are share payments each quarter, given to top performers to avoid Brussels’ rules.

Meanwhile analysts at Bernstein predict the bank will cut around 7,500 investment banking jobs as it shakes up its business next month.

Around 6,000 of those will be in Europe, with the majority from fixed income, currencies and commodities. Barclays declined to comment yesterday.