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Barclays cuts bonus pool after tough year for investment bank

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Barclays cuts bonus pool after tough year for investment bank

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Barclays has cut back its bonus pool following a tough year for its investment bank, as the UK lender reported a 15 per cent decline in full-year profits.

The bank trimmed the overall bonus pool by 3 per cent, from £1.8bn to £1.75bn, which it blamed on “the lower year-on-year financial outcomes in some business areas”.

Profits at the corporate and investment bank fell 21 per cent during the year to £2.7bn. Trading revenue dropped 18 per cent to £7.2bn, while investment banking fees declined 12 per cent to £2bn.

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Barclays’ results showed group revenue fell 3 per cent in the final quarter of 2023 to £5.6bn, after a poor end to the year for the investment bank.

The 2022 bonus pool was cut by £500mn because of a series of regulatory and compliance scandals. The bank said that without that reduction, bonuses would be down 15 per cent this year.

Barclays is one of the first banks to outline its cut to bonuses following a brutal year for investment banking. Last week, Wall Street heavyweights Goldman Sachs, JPMorgan Chase and Morgan Stanley all disclosed pay rises for their chief executives.

Goldman chief executive David Solomon received a 24 per cent boost to his pay package, taking it to $31mn, despite the investment bank reporting its lowest profits in four years.

In contrast, Barclays’ chief executive CS Venkatakrishnan saw his pay drop 13 per cent, with his overall pay package falling from £5.2mn to £4.6mn.

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Venkatakrishnan’s non-fixed remuneration dropped 27 per cent, which was mostly because of losing £148,000 of relocation and housing benefits tied to his move to London two years ago to take up the role.

Chief financial officer Anna Cross also suffered a 25 per cent drop in her bonus, though both Cross and Venkatakrishnan were granted a 2.5 per cent increase in fixed pay.

The number of bankers who earned more than €1mn at the group fell from 698 to 668, a figure the bank was required to publish under EU rules introduced before Brexit.

Barclays suffered an exodus of senior dealmakers in its investment bank last summer.

In October last year, the UK scrapped the cap on banker bonuses inherited from its period of EU membership. The decision was part of the UK government’s post-Brexit push to boost the City of London, although pay consultants have been sceptical that it will lead to a significant change in pay.

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Barclays said it would continue for now to apply a cap, but that it would “consider this further” for the next financial year. “A relatively small number of our employees are potentially impacted by this regulatory change,” the bank said.

This article has been amended to reflect the fact that the number of executives earning more than €1mn fell last year rather than rose and that Barclays reported a £111mn net loss for the fourth quarter of 2023, not for the full year.

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ICE Lawyer Who Told Judge She Was Overwhelmed Is Running for Congress

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Julie T. Le, a former government lawyer, described in stark terms how overstretched the legal system had become during the administration’s immigration crackdown in Minnesota. Now, she said, she hopes to fix the “system’s failures” by running for Congress.

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The government is investigating new claims that DOGE misused Social Security data

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The government is investigating new claims that DOGE misused Social Security data

A sign in front of the entrance of the Security Administration’s main campus on March 19, 2025 in Woodlawn, Maryland. Congress and the SSA’s Inspector General are investigating whistleblower claims about whether Department of Government Efficiency staff may have misused Social Security data.

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An internal government watchdog and members of Congress are separately investigating new allegations that a Department of Government Efficiency staffer potentially misused sensitive Social Security data.

The Social Security Administration’s inspector general notified the leaders of several House and Senate committees on Mar. 6 that it is reviewing an anonymous complaint “on matters relating to the potential misuse of SSA data by a former DOGE employee, among other allegations,” according to a copy of the letter obtained by NPR.

This week, Congressional Democrats investigating DOGE’s access to Social Security data also announced an expanded probe after receiving whistleblower information alleging a former DOGE software engineer at SSA claimed to have retained copies of sensitive databases filled with personal information about almost every living American. The whistleblower’s allegations were first reported by the Washington Post on Tuesday.

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According to the Post‘s reporting, the former DOGE employee claimed at least one database was held on a personal thumb drive, and claimed to have retained “God-level” access to SSA systems, the whistleblower alleged. The former staffer also allegedly told colleagues they wanted to share the data with their private-sector employer, the Post reported. NPR has not reviewed the whistleblower complaint.

Rep. Robert Garcia of California, the House Oversight committee’s top Democrat, called the allegations “deeply disturbing” and said they show the Trump administration’s “callous disregard for the safety and security of Americans’ most sensitive information.”

“Not only has an ex-DOGE bro been accused of running around with the Social Security information of every American on a flash drive, he also may have the ability to edit and manipulate data at the Social Security Administration at will,” Garcia wrote in a statement.

The Office of the Inspector General for the Social Security Administration declined to comment, saying it doesn’t confirm or deny the existence of law enforcement investigations.

The inspector general’s office told lawmakers in its Mar. 6 letter that it was not sharing further information about the anonymous complaint because that “risks jeopardizing any investigation and potentially chills future complainants from submitting anonymous allegations of fraud, waste, and abuse.”

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An unnamed spokesperson for SSA disputed the whistleblower’s claims in an email to NPR.

“The allegations by a singular anonymous source have been strongly refuted by all named parties – SSA, the former employee, and the company. Even the Washington Post admitted they could not verify the information – because it is not true,” the spokesperson said. (The Post story did not name the former DOGE employee or the company they work for.)

“SSA is focused on continuing our digital-first transformation to deliver better, faster service for every American,” the spokesperson continued, and went on to disparage the Washington Post.

Democrats in Congress call for more investigations

The whistleblower alleged the former DOGE staffer claimed to have retained copies of two databases, NUMIDENT and the Death Master File, according to the Post‘s report.

The NUMIDENT database contains sensitive records for almost every American alive today, including Social Security numbers, dates of birth, place of birth and parents’ names. The Death Master File includes records for individuals who have been reported as deceased.

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An aerial of The Social Security Administration's main campus in Woodlawn, Maryland. The agency is investigating claims that DOGE employees misused sensitive personal data for millions of Americans.

An aerial of The Social Security Administration’s main campus in Woodlawn, Maryland. The agency is investigating claims that DOGE employees misused sensitive personal data for millions of Americans.

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As part of the House Oversight Committee Democrats’ ongoing investigation into DOGE, Garcia is now asking the Social Security Administration to answer questions about DOGE’s data access and wants former DOGE staffers affiliated with SSA to contact the committee to “clarify the facts surrounding DOGE use of Americans’ sensitive data.”

Other Democratic lawmakers who received the letter from the SSA inspector general also called for investigations into the whistleblower’s allegations.

“These allegations describe one of the largest known data breaches in American history, perpetrated by Trump appointees for the explicit purpose of weaponizing Americans’ sensitive personal data for political gain,” Sen. Ron Wyden (D-Ore.), the ranking member of the Senate Finance Committee, said in a statement. “There must be a full public accounting of this breach at Social Security, including justice for anyone who committed or enabled criminal theft of Americans’ data.”

Rep. John B. Larson (D-Conn.) and Richard E. Neal (D-Mass.), who sit on the House Ways and Means Committee, said in a statement: “These continued revelations demand a full investigation with accountability if wrongdoing is confirmed.”

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A growing pattern of DOGE data access concerns

The OIG investigation and the whistleblower complaint come after the Social Security Administration disclosed in January that DOGE employees secretly and improperly shared sensitive personal data in 2025 and that the agency could not verify the extent of the violations.

The January disclosure was made in an ongoing court fight over whether DOGE improperly gained access to SSA data and abused that access. The disclosure also said two unnamed DOGE employees were referred to a federal watchdog for potentially violating the Hatch Act, which bars government employees from using their job for political activity.

The court filing also said SSA found that the employees communicated with a political advocacy group about matching Social Security data with state voter rolls.

DOGE team members also circumvented the agency’s IT rules and improperly shared data on outside servers, sent private records to other DOGE staffers outside the agency and had access to some data even after a judge temporarily blocked access.

Charles Borges, the former chief data officer at SSA, filed his own whistleblower disclosure last year alleging DOGE staffers improperly copied a dataset of more than 300 million Americans’ information into a virtual database without following security protocols.

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Borges’ complaint said that last summer, a former DOGE employee at the SSA requested that the agency make a copy of its NUMIDENT database to a private cloud server that would effectively give DOGE officials unfettered access to the data.

On Wednesday, Borges told NPR the allegations made in the new whistleblower complaint would have “generational consequences” if true.

“This is exactly the scenario that kept me up at night. An irrecoverable loss of the entirety of our personal data. Once that data has ‘left the building’, you cannot close Pandora’s Box again,” Borges said.

“The loss of this data would not be ‘just another data breach,’ but could represent a structural failure of our identity system,” he said. “It could require significant federal action, counterintelligence planning and response, and the consideration of a complete redesign of how identity works in the United States.”

Have a tip to share with NPR? Reach out through encrypted communications on Signal to Stephen Fowler at stphnfwlr.25, Jude Joffe-Block at JudeJB.10 and Shannon Bond at shannonbond.01. Please use a nonwork device.

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Tornadoes hit Illinois, Indiana and Texas as severe storms sweep US

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Tornadoes hit Illinois, Indiana and Texas as severe storms sweep US

A series of tornadoes hit parts of Texas, Illinois, and Indiana late Tuesday and overnight, as forecasters warn that the threat of severe weather, including flooding, will continue on Wednesday for tens of millions of people from Texas to Michigan.

At least four tornado touchdowns were reported in eastern Illinois, the National Weather Service (NWS) said, leaving a trail of damage stretching into Indiana, where at least two people were killed.

Video of a separate tornado in Taylor county, central Texas, on Tuesday was posted to weather.com. Officials there reported 60mph wind gusts and “baseball-sized” hail.

A search continued on Wednesday for possible victims of a supercell of storms that followed a path from Kankakee county, Illinois, into Indiana late on Tuesday. Rob Churchill, chief of the Lake Township fire department in Indiana, said in a video on Facebook that the small town of Lake Village had taken “a direct hit”.

“We have multiple homes destroyed, please stay away from the area,” he said.

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Fire department officials said at an early morning Wednesday press conference that there were two fatalities, WTHR News, an NBC affiliate, reported. Details were not immediately available.

Shannon Cothran, sheriff of Newton county in Indiana, said in a separate Facebook video that the immediate threat of dangerous weather had passed, but first responders were faced with challenging circumstances as they dealt with the storm’s aftermath.

“[There’s] a lot of damage. Please do not come here. Do not try to help right now. We’ve got a lot of first responders out here doing their job, just give us some room,” he said.

The tornadoes in parts of Illinois and Indiana downed trees and power lines in an area south of Chicago, and overwhelmed 911 operators, officials said. The Kankakee county sheriff’s office said one tornado touched down near the Kankakee fairgrounds before moving north-east into Aroma park, where it caused extensive damage.

JB Pritzker, the Democratic Illinois governor, said in a post on X early Wednesday that he was briefed on the storm and tornado damage and that the state’s emergency management agency was in contact with local officials.

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“Keeping in our thoughts all Illinoisans impacted by the severe weather – we’ll be here to help them recover,” he said.

Severe storms dumping rain and hail in parts of the midwest were threatening to bring intense tornadoes, damaging winds and very large hail from the southern plains to the southern Great Lakes, according to the NWS. States from Oklahoma to Michigan were under tornado watches.

Andrew Lyons, a meteorologist with the weather service’s storm prediction center, told the Associated Press that the exact number of tornado touchdowns would not be known until after officials conducted damage assessments.

He described it as a fairly typical early spring strong storm system that was expected to continue to move east and northeast towards the Atlantic coast on Wednesday, likely bringing more severe weather, he said.

Brandon Buckingham, an AccuWeather meteorologist, said at least 10 tornadoes were spotted in Illinois, Indiana and Texas.

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“There were nearly 200 filtered reports of severe weather spanning more than 2,500 miles from Texas to Michigan,” he said in a post on the weather service’s website.

The forecaster said the chain of storms would peak midweek and “could become the most widespread and impactful severe weather outbreak so far this year”.

The severe weather could reach Washington DC by Wednesday afternoon, CBS News reported, bringing new threats of damaging winds and tornadoes. A line of storms was forecast to sweep east and move into Ohio and Tennessee, including the cities of Cincinnati, Memphis and Nashville, it said.

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