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Barclays to overhaul bonus model – reports
Barclays Bank is considering a new remuneration process which would see bonuses for its top executives reduced and payment deferred until they have retired.
The Sunday Times reports the scheme would mean any big payouts would be held in shares and deferred until the executive retires or leaves the bank.
The paper suggests the radical move, if approved, is part of an attempt to clean up Barclays in the wake of the LIBOR scandal.
In June, Barclays was fined £290m for attempting to manipulate the world’s benchmarking borrowing rate in a blow that later led to the departure of the bank’s chief executive, Bob Diamond (pictured).
The Sunday Times said the revised pay plan is modelled loosely on the new bonus scheme at HSBC, designed last year by former Goldman Sachs banker John Thornton.
