Barclays sees record profit but bosses refuse bonuses

BARCLAYS' full-year pre-tax profit soared by 92 per cent to £11.6bn in 2009.

The figure was boosted by the sale of its BGI fund management arm to US firm BlackRock last year.

But even after taking that out of the equation profits were £5.3bn.

Barclays Capital investment banking business generated £2.5bn of that.

The bank's remuneration package could mean investment bankers receive average pay of £191,000 for 2009, including an average bonus of £95,000, despite intense pressure to reduce awards.

However Chief Executive Officer John Varley and President Bob Diamond “advised the board that they wish to decline” their annual bonuses.

Varley said on the preliminary results: “Our record income performance produced a sharp increase in underlying profitability in 2009.

“We have strengthened our financial position considerably over the year in the areas of capital, liquidity and leverage and are well positioned to manage further changes that may be required of us by our regulators.

“I thank our customers and clients for their trust in us, and our employees for their commitment and stamina in a tough and, at times, hostile environment.”