Impact of bonus tax to be spread globally by Barclays

15 February 2010

Barclays Bank is to spread the impact of the UK government’s banker bonus tax across its global workforce rather than just penalising London-based staff, a news report has claimed.

Alistair Darling, chancellor of the exchequer, unveiled the 50 per cent tax on banker bonuses in his pre-Budget report during December of last year.

Barclays follows the example of Deutsche Bank, which was the first financial institution to announce it would be introducing the levy to its whole bonus pool.

The bank’s payments structure and bonus pool is expected to be officially unveiled on Tuesday (February 16th).

Meanwhile, Sky News reported that Barclay’s pay structures and bonus levels are expected to drop to 38 per cent of annual revenue.

The figure is the lowest for the ratio in more than a decade and a down on the 44 per cent from 2009, the news provider stated.

Barclays 22,000 staff would be sharing an estimated £4.5 billion.

Goldman Sachs’ payout ratio for 2009 was 36 per cent while JPMorgan almost halved its ratio to 33 per cent from the 62 per cent recorded the previous year.

By Jim Ottewill

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