Barclays is set to award its 22,000 investment bankers pay rises of up to 150% in an effort to beat Government moves to clamp down on multi-million-pound bonuses.
According to the Telegraph, the pay rises at Barclays Capital are expected to be backdated to June this year as the bank looks to compensate staff following the bonus crackdown. An announcement is expected within days. The move comes amid rising tension over bonus payments at the part-nationalised Royal Bank of Scotland. RBS's board has threatened to resign en masse if the government vetos plans to pay the lender's 20,000 investment bankers hundreds of millions of pounds in bonuses. Read more...
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