former Barclays investment bankers have been paid roughly $1.75m each for just a year-and-a-half's work
revelation that the former Barclays investment bankers have been paid roughly $1.75m each for just a year-and-a-half's work came as the lender disclosed it will be bringing the assets back on balance sheet, ending an episode that is estimated to have cost shareholders $130m. Barclays disclosed on Wednesday that it will be "acquiring control" of Protium, a company founded in September 2009 with a $12.6bn Barclays loan to take $12.3bn of toxic waste off its books. As part of the deal, about 45 Barclays bankers transferred to a US company, C12 Capital, to manage the assets – receiving an annual $40m fee and a share of any profits. Their number has since swelled to about 80. Protium has proved controversial, sparking concerns among regulators and shareholders. As originally struck, the deal handed third-party investors and the C12 bankers all the potential upside while leaving Barclays exposed to all the risk. To extricate itself from the agreement, Barclays has repaid Protiu...