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Barclays: We Will Crack Down on Excess Pay

Barclays promised a rigorous review of executive pay on Thursday, as shareholders at the bank's annual meeting criticized the new management, unconvinced that the paying of big bonuses will be abandoned as part of a new ethical drive.Chief Executive Antony Jenkins, drafted in last year to tear up Barclays' profits-at-all-costs culture, told shareholders it would take time for them to see the benefits of his multi-billion-pound overhaul.But evidence of patience was thin on the ground at the company's annual general meeting in London's Royal Festival Hall."'Go-To' bank? Go to hell Barclays. I don't understand why anyone needs 1 million pounds and anyone who asks for more is a greedy bastard. The banks have brought us down, brought the whole economy down," said Joan Woollard, 75, from Lincolnshire, who said she bought five shares to attend the AGM.Her comments were applauded and echoed by others.Jennifer Cramer, a small investor, said talk of pay restraint at previous AGMs were shown to b...

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