Barclays deny bonus allegations

Barclays PLC (BARC.LN) have announced they are set for “radical changes” regarding its pay structure after the UK bank came under fire by the Independent newspaper accusing Barclays of protecting executives pay bonuses by rejecting the government cash injection.

Marcus Agius chairman of Barclays last week denied that the reason they accepted a deal with the United Arab Emirates investors worth £6.5 billion was to avoid the UK Treasury curbing the pay bonuses if they were to inject cash into the UK bank.

Mr Agius did say that the banks bonus system will be revised and that Barclays has the same common issue as other banks in the world, and are having to give careful thought to the structure of remuneration, he then went on to say that it was premature for him to tell what is going to come out of the review although he did add it would be different.

Source: marketwatch