Barclays reveals profit but bonuses cut
Barclays has defied expectations to post a profit of £6.1billion for the whole of 2008.
However, the bank, based at Canary Wharf, said on Monday morning it would halve bonus payments as it prepares for a tough year ahead.
Barclays Chief Executive John Varley. said: "2009 will be another tough year.
"In 2008 we've had a crisis in the banking system; the principal issue for 2009 is going to be rapid economic slowdown, in a sense more a familiar but nonetheless a pretty brutal slowdown in economic growth all around the world."
Despite the figures for last year being 14 per cent down on 2007 results, early trading on Monday saw its share price jump by 12 per cent.
In response to public condemnation of the 'bonus culture' in the City, Mr Varley said bonuses would be down 48 per cent and none would be paid to directors.
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