THE HUFFINGTON POST: * Investors angry at payouts, want more of the spoils * More than a quarter of Barclays investors could rebel * Barclays promises higher dividends, shares rise * Credit Suisse boss defends pay strategy
LONDON/ZURICH, April 27 (Reuters) - More than a quarter of Barclays shareholders look set to vote against the British bank's controversial pay plan for bosses and Credit Suisse is also facing a backlash as investors seek a greater share of profits.
Stormy annual shareholder meetings at both banks got underway on Friday with many attendees complaining executives are getting too big a slice of bank income at their expense.
Anger is also rife in the population at large that an industry whose excesses sparked the global economic downturn is still awarding its leaders multi-million dollar pay outs.
"People feel that bankers and the banking sector have lost touch with what's real," said Jim Arnott, 56, an executive coach in London who counts bankers among his clients.
"The majority of people feel it's just a culture of greed." » | Matt Scuffham and Katharina Bart | Reuters | Friday, April 27, 2012
