Barclays stokes bonus row as 12,000 jobs go

Barclays CEO Antony Jenkins has promised big changes in the culture and behavior of the bank.

LONDON (CNNMoney)

The British-based bank said Tuesday that fourth quarter earnings before tax fell 86%, dragged down by a loss of 329 million in investment banking.

In a move that angered union and boardroom representatives alike, Barclays (BCS) said its investment bankers would share a bonus pot of 1.6 billion, up 13% on 2012, receiving 60,000 each on average.

"Despite claims there would be no return to its old ways, Barclays is increasing bonus pools for those already paid unimaginably high salaries," said Unite union official Dominic Hook.

A Barclays spokesman said 10,000 to 12,000 jobs would go in 2014, including about 7,000 in the U.K. The bank has about 140,000 employees worldwide.

Senior bankers won't be spared -- 220 managing directors and 600 directors will lose their jobs within the next month, the spokesman added.

Barclays is 12 months into a major overhaul initiated by CEO Antony Jenkins to repair the bank's finances, restore its reputation following a series of scandals, and withdraw from some businesses.

Related: Barclays investigating data theft

Jenkins has promised big changes in the culture and behavior of the bank. He took the job after Bob Diamond was forced out in the wake of the Libor scandal.

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Barclays stokes bonus row as 12,000 jobs go