Barclays is planning to amend the way it pays its top bankers as part of a broader strategic review, Financial Times reports. The review could lead to the bank cutting staff and pressurize underperforming businesses.
Bob Diamond, the incoming CEO of Barclays, is looking to use innovative bonds, called ‘contingent convertibles,’ to pay a large portion of the bonuses for over 1,000 bankers, ranked at managing director level and above. An ongoing cost-cutting exercise at Barclays Capital is likely to be implemented across the group.
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