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Barclays bankers to get 150pc pay rise

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Barclays is set to award its 22,000 investment bankers pay rises of up to 150pc in an effort to beat Government moves to clamp down on multi-million-pound bonuses.

 

The pay rises at Barclays Capital (BarCap) are expected to be backdated to June this year as the bank looks to compensate staff following the bonus crackdown. An announcement is expected within days. Barclays' move comes amid rising tension over bonus payments at the part-nationalised Royal Bank of Scotland. RBS's board has threatened to resign en masse if the Government vetos plans to pay the lender's 20,000 investment bankers hundreds of millions of pounds in bonuses. The Treasury secured a veto as part of the state's latest rescue of the bank, taking the taxpayer's potential investment in RBS to £53.5bn and giving the state an 84pc stake.

 

RBS directors fear political interference will prevent them from running the company in the best interest of shareholders, leaving their positions at the bank untenable. All banks are reviewing their bonus policies in light of a series of new regulatory codes, which demand a greater proportion of bonuses are paid in shares. Barclays' decision to backdate the pay rise is likely to act as an effective cash bonus this year, as the bulk of performance pay will be made in stock and deferred for up to three years in accordance with the new guidelines.

 

Higher salaries and smaller bonuses are intrinsic to its new pay structure. Central to the policy will be an increase in the cap on salaries in BarCap from £120,000 to £300,000. The changes are likely to have the biggest effect on junior staff. The investment bank is likely to increase the size of its compensation pool this year compared with 2008, reflecting BarCap's strong performance.

 

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Barclays bankers to get 150pc pay rise - Telegraph


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