LONDON Nov 22 British bank Barclays Plc
is to introduce a "role-based pay" element next year to
get around Europe's incoming bonus cap.
Under the plan, Barclays will give senior staff an
additional monthly cash sum - on top of base pay and variable
bonuses - which would be reserved for those occupying specific
The bank said in a memo to investment bankers on Thursday it
will add a new element of fixed pay that will be set at the
start of the year for any employee affected by the EU's new
rule, which caps their bonus to 200 percent of their salary.
"The introduction of role based pay allows Barclays both to
comply with the legislation and offer market competitive
compensation to employees," a copy of the memo seen by Reuters
"This outcome has been reached following consultation with
our regulator and major shareholders," it added.