Barclays executives were blasted by shareholders Thursday for paying bigger bonuses last year, despite the bank's weak earnings.
Shareholders large and small lined up at Barclays' annual meeting to accuse the company of putting the interests of its investment bankers ahead of its owners.
A third of the bank's shareholders withheld their support for the board's executive pay plan for 2013, with nearly a quarter of those who voted choosing to oppose the board. Leading the rebellion was Standard Life Investments, which holds a 2% stake.
"We are unconvinced that the ... 2013 bonus pool was in the best interests of shareholders, particularly when we consider how the bank's profits are divided amongst employees, shareholders and ongoing investment in the business," said Standard Life director Alison Kennedy.
Barclays (BCS) shares have fallen nearly 8% so far this year, whereas London's FTSE 100 index has only declined 1%.
Barclays CEO Antony Jenkins, who took over in 2012 after Bob Diamond was forced out in the wake of the Libor scandal, has promised big changes in culture and behavior.
Jenkins launched a major overhaul more than a year ago to repair the bank's finances, withdrawing from some businesses while trying to restore its reputation.
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