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Barclays to defer bonuses - paper
LONDON |
LONDON Jan 24 (Reuters) - British bank Barclays (BARC.L) plans to defer payment of up to 100 percent of bonuses for its top staff in an attempt to counter anger over bankers' pay, Saturday's Financial Times said.
The newspaper, citing people familiar with the plan, said Barclays' 11-member executive committee, led by Chief Executive John Varley and comprising Bob Diamond, the head of Barclays Capital, and the heads of the bank's other operational businesses, will defer up to 100 percent of their bonuses for up to three years.
It said the bank's next 2,000 or so staff would defer upwards of 75 percent of bonuses for three years, while lower ranking staff would have about half of their bonuses deferred. The Sunday Telegraph newspaper cited a source close to Barclays as saying the bank will also look to reduce Barclays Capital's bonus pool from 82 percent of net income last year and 47 percent the previous year.
A spokesman for Barclays declined to comment.
Last Thursday, Chairman Marcus Agius said he expected the bank's coming pay round to be "very different" from past years, responding to increased regulation and scrutiny over bankers' salaries and bonuses. [ID:nLDE60K0V2]
Meanwhile, a report in The Sunday Times newspaper said U.S. investment bank Goldman Sachs (GS.N) was capping the salary and bonus packages of its top London staff at 1 million pounds ($1.61 million). The bank could not immediately be reached for comment.
On Friday European bank shares fell on fears they will be hit by U.S. President Barack Obama's new proposals to overhaul the U.S. banking system. [ID:nLDE60L0F8] (Reporting by James Davey; Editing by Greg Mahlich)
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