Barclays boss Antony Jenkins: 'We have to be competitive on pay'

Barclays chief executive Antony Jenkins has explained why the bank paid more in bonuses last year, despite a fall in profits.

The bank's total bonus pool for 2013 rose by 10% from 2012 to £2.38bn while adjusted pre-tax profits fell to £5.2bn.

Mr Jenkins told BBC business editor Robert Peston: "We have to be competitive on pay and we have to pay for performance."