Barclays set to defer big pay bonuses
Source: Agencies |
January 25, 2010, Monday
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Print Edition
Print Edition
BARCLAYS is planning to defer bonuses for top earning staff in hope of quashing public outrage regarding pay for bankers, Britain's Financial Times reported on Saturday.
The move comes amid popular anger over the disclosure that some of America's largest investment banks paid out massive bonuses to top executives.
Bank shares fell on Friday amid fears over US President Barack Obama's proposal of a special tax on large banks to recover money used to bail out troubled ones. He also has branded the latest round of bank bonuses as "obscene."
Barclays is Britain's biggest bank and one of the few to rebuff a taxpayer-funded bailout. It is free from the government imposed restrictions on payouts by rivals such as RBS and Lloyds which received government help, but has said it intends to honor an agreement reached last year among the Group of 20 rich and developing countries to limit bonuses.
Top Barclays executives will defer up to 100 percent of their bonuses for up to three years, the Financial Times reported. Some 2,000 or so staff will have as much as 75 percent of their payouts deferred, while lower ranking staff would have as much as 50 percent deferred, the newspaper said.
The move comes amid popular anger over the disclosure that some of America's largest investment banks paid out massive bonuses to top executives.
Bank shares fell on Friday amid fears over US President Barack Obama's proposal of a special tax on large banks to recover money used to bail out troubled ones. He also has branded the latest round of bank bonuses as "obscene."
Barclays is Britain's biggest bank and one of the few to rebuff a taxpayer-funded bailout. It is free from the government imposed restrictions on payouts by rivals such as RBS and Lloyds which received government help, but has said it intends to honor an agreement reached last year among the Group of 20 rich and developing countries to limit bonuses.
Top Barclays executives will defer up to 100 percent of their bonuses for up to three years, the Financial Times reported. Some 2,000 or so staff will have as much as 75 percent of their payouts deferred, while lower ranking staff would have as much as 50 percent deferred, the newspaper said.
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