Barclays to cut £450m from bonus pool

BARCLAYS plans to cut around £450m from its bankers’ pay packets following the Libor rigging scandal, it was reported yesterday.

Around £290m will be removed from the 2012 bonus pool, with around £140m clawed back from deferred share awards.

Further money will be clawed back over other misdemeanours such as PPI misselling and allegedly misleading customers over interest rate swap products.

The scale of penalties, first reported by Sky News, is the clearest sign yet that new chief executive Antony Jenkins is willing to make good on his pledge to punish employees who cause damage to the bank’s reputation and balance sheet.

Full details will be contained in next’s weeks annual report. Barclays has also promised to provide greater transparency on its wage structure by publishing the number of employees in each income bracket.

The bank declined to comment.