Barclays seeks to avoid EU bonus cap

Barclays is considering controversial plans to avoid a new bonus cap from Brussels.

The EU is preparing for a crackdown next year which will limit bonuses to one year's salary, rising to twice salary with shareholders' approval. One option Barclays is discussing with major shareholders is a new award for senior staff based on their seniority and responsibilities. Employees would receive the cash award in monthly instalments, on top of their basic salary and bonus. Sources insisted it would not increase their overall package as it will not count towards their pension and will be factored in when bonuses are awarded. The government has launched a legal challeng...