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Barclays defers bonuses for 1,200 investment bankers
Markets
by Daniel Grote on Feb 08, 2013 at 10:32
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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