LONDON, June 4 (Reuters) - Barclays Chief ExecutiveAntony Jenkins said he has more work to do to rein in pay levelsand expects pressure from investors for banks to improveprofitability to reduce compensation across the industry.
More than a third of Barclays' shareholders failed to backthe bank's compensation plan at its annual shareholder meetinglast month, angered that Jenkins raised 2013 bonuses by 10percent despite a one-third drop in profits.
"Is there more to do? Absolutely there is more work to do,"Jenkins said when asked about cutting pay. "The pressure frombank shareholders (to improve returns) will put downwardpressure on compensation and the market should correct overtime."
Jenkins plans to cut 19,000 jobs across the bank in the nextthree years to reduce costs and improve returns.
Dubbed "Saint Antony" when he took over as CEO in 2012 aftera series of scandals and promised to reform culture at Barclays,Jenkins said improving standards was driven by business reasons.
"This isn't about running for sainthood, this is about goodand sound commercial practice," he said. "It has to start andfinish with banks reforming themselves ... regulation andlegislation are a backstop," he said.
Jenkins was speaking on the first day of a three-day meetingin London of the Institute of International Finance (IIF), thetrade group for banks, insurers and other financial firms. (Reporting by Steve Slater and Laura Noonan; Editing by EricaBillingham)
Barclays (BARC)
