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Barclays defers bonuses for 1,200 investment bankers
by Daniel Grote on Feb 08, 2013 at 07:57
Barclays is to defer bonuses for up to 1,200 investment bankers, shunning upfront cash payments in favour of deferred awards over three years, Reuters has reported.
It cited a source familiar with the matter as claiming managing directors would receive a third of their 2012 bonus next year, with the rest paid in 2015 and 2016. Half of the payout will be in cash and half in shares. However those below managing director level with bonuses of up to £65,000 will receive an upfront cash payment.
Those in line for between £65,000 and £250,000 will receive 65% in cash upfront, with the rest spread over three years and split evenly between cash and shares.
The bank’s 23,000 investment bankers will be informed of their bonuses today, it said.
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FCA urged to clarify platform promotion rules
by Michelle Abrego on Jun 19, 2013 at 15:33
3 comments so far. Why not have your say?
complacency rules
Feb 08, 2013 at 08:47
This goes no where near enough to address Barclays problems. Where is the clawback of bonuses paid in the past on the basis of mis-stated profits due to LIBOR cheating, due to PPI mis-selling and the numerous other dodgy activities? Why are there no restrictions or potential future clawbacks on other parts of the Bank? Why is the bonus pool still the biggest of any UK Bank? At best this is a partial shutting of the stable door and is a tinkering with the system rather than a whole reworking of the bonus system as part of the supposed culture change within the Bank.
It will be interesting to see the differential between bonuses and dividends.
report thisPhil Sipocz
Feb 08, 2013 at 09:20
Don't worry! Hector's there now, everything will be just fine.
report thisSmithling
Feb 08, 2013 at 12:52
You've actually got to laugh.
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