Report - Less cash bonuses for Barclays bankers

Antony Jenkins Barclays

Barclays is imposing a £140,000 cap on cash bonuses for its investment bankers as it prepares to hand out roughly twice as much to employees as it does though shareholder dividends.

Sky News has learnt that the cap - the third consecutive year that Barclays has had one in place - has been reduced from £185,000 last year. In 2012 there were complaints from staff that a ceiling of £65,000 was not high enough.

Paradoxically, the cap will not affect the most senior executives at Barclays' investment bank because all Managing Directors have been told that they will receive no cash up front and that their bonuses will be deferred for three years.

Barclays staff are being informed about their bonuses for 2013 and salaries for 2014 during the course of business on Friday.

Hundreds of senior executives are also being told about new role-based allowances they will receive as banks attempt to circumvent new European pay rules which are being applied from this year.

Hit the link below to access the complete Sky News article:

Barclays Puts £140,000 Cap On Cash Bonuses

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