Barclays cuts bonus pool to fund extra £1bn mis-selling redress

Barclays has cut its bonus pool as a result of the extra £1 billion provision it has set aside for mis-selling redress.

At a meeting with the Parliamentary Commission on Banking Standards Joint Committee, Barclays chief executive Antony Jenkins said that the redress for mis-selling of payment protection insurance (PPI) and interest rate swaps had a direct impact on the bank's bonus pool.

'I can assure [you] 100% that the provision resulted in a reduced compensation pool for colleagues,' he said.

Last week Jenkins announced he was to waive his bonus for last year which was estimated to be around £1 million with a potential maximum entitlement of £2.75 million. He said he thought it would be wrong to receive the bonus in a 'difficult' year for the bank.