Barclays

Barclays Bank is considering a new remuneration process which would see bonuses for its top executives reduced and payment deferred until they have retired.

Stephen Hester, chief executive of the Royal Bank of Scotland, has admitted his bank will face a significant fine over the rate-rigging scandal which has thrown Barclays into the spotlight in recent weeks.

Barclays has reported pre-tax profits of £4.2bn for the six months to 30 June but has set aside £450m for swaps redress and revealed its finance director is involved in a fresh investigation by the FSA.

Alison Carnwath, the head of the Barclays remuneration committee that approved former CEO Bob Diamond's £17m pay package earlier this year, has left the bank.

The European Commission has cracked down on the fixing of interest rates in the latest twist to the LIBOR scandal, which has dominated headlines in recent weeks.

Barclays has hired an investment banker to lead an independent review of its culture, as the bank tries to clean up its image following the LIBOR scandal.

FSA chairman Lord Adair Turner said the regulator is reviewing its approach to supervision following the LIBOR scandal, but said it would cost too much to prevent all malpractice in the industry.

Former Cabinet Secretary Lord O'Donnell has emerged as one of the leading frontrunners to take the role of Barclays chairman.

Barclays continues to face a leadership crisis following the LIBOR scandal, with two of its most senior executives ruling themselves out of going for the top jobs at the bank over the weekend.

Richard Wilmot, manager of Newton's £1.3bn UK Equity fund, has made a foray into the UK banking sector, snapping up shares in Barclays.