Newspaper article The Evening Standard (London, England)

Barclays Cuts Bonuses by a Third to [Pounds Sterling]1.5 Billion

Newspaper article The Evening Standard (London, England)

Barclays Cuts Bonuses by a Third to [Pounds Sterling]1.5 Billion

Article excerpt

Byline: Jonathan Prynn and Nicholas Cecil

BARCLAYS has bowed to public pressure and slashed the bonuses paid to its City investment bankers by a third, to a total of [pounds sterling]1.5 billion.

But the banking group, which today announced profits of almost [pounds sterling]6 billion, still faced criticism for "anti-austerity largesse" as chief executive Bob Diamond refused to give the size of his topup, or whether he would accept it.

Lib-Dem Lord Oakeshott said: "Top people at Barclays Capital are still collecting enormous bonuses on the back of a UK taxpayer guarantee. Now when they gamble, it's heads Bob Diamond wins, tails the taxpayer loses."

He called for the bank's investment arm, Barclays Capital, "the BarCap casino", to be separated from the highstreet banking operation Last month Stephen Hester, chief executive of Royal Bank of Scotland, rejected a [pounds sterling]963,000 bonus. Lloyds boss Antonio Horta-Osorio also waived his payout. …

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