PAY criticism

McFarlane additionally hooked up a defense of Barclays' investment banking unit, beneath fire from investors for its sub-par returns.

"I realize our position in investment banking increases questions, as we've got a sizeable role in a sector that is dealing with difficult instances, and indeed produces a go back properly under what is required," he said in his first AGM address as chairman.

McFarlane said some segments of the investment financial institution were very successful, including that these had been offset by using weaker ones which are interdependent and essential for the success of the others.

One shareholder drew the warmest applause of the meeting for asking whether or not the board and senior control should now not have given up more of their personal pay, because the bank cut its dividend to fund the revamp.

McFarlane said he had "loads of sympathy" with the issue of high ranges of banker reimbursement but that Barclays become no longer a number of the maximum payers in the industry and the payouts had been vital to maintain pinnacle body of workers.

chief govt Jes Staley said the quick-time period pain was important to put Barclays in a function to develop payouts over time.

"making an investment notably in this company turned into one of the first matters I did upon being appointed - and my hobbies are firmly aligned with yours," he said.

Staley additionally said the financial institution turned into operating hard to relieve the pressure on returns from fines for past conduct failings and became looking for to remedy notable troubles as swiftly as viable.