Barclays bank was subdued today as it reported its full year earnings for 2008 amidst a growing rancor towards rivals the Royal Bank of Scotland for paying its staff bonuses despite the Scottish bank having to bailed out by the government.
Barclays, one of the few banks not to seek state funds so far, reported that it made a group profit before tax of £6,077 million, down 14 per cent from 2007.
The Wealth division of the bank reported a decrease in its operating profit by four per cent, in part to upgrading its operating platform.
Last year Barclays acquired the US assets of Lehman Brothers as the US bank collapsed and John Varley, chief executive of Barclays said the Lehman Brothers buy had helped the bank achieve a profit of £2.3 billion on the purchase.
Barclays announced last year that it is reducing its UK IT headcount by 1,800 over the next three years, cutting jobs from its global infrastructure and service delivery departments. These positions will be relocated to Hungary, India and Singapore. Around 700 jobs were cut last year with the remainder being made redundant in three years time.