Barclays under fire over bonuses

10 November 2010

Barclays under fire over bonuses
Barclays has come under attack after the banking firm announced it has so far set aside £1.6 billion ($994.8 million) to fund staff bonuses this year, putting the company on track to top last year's payouts.

The Independent has reported that majority of the money looks set to go to investment bankers at Barclays Capital - where the compensation ratio has climbed to 43 per cent - in spite of the division's disappointing third-quarter performance.

"We have had no problems recruiting a bumper crop of talent," said corporate and investment banking co-chief executive Rich Ricci. "People join banks for a number of reasons. I think Barclays Capital is a great place to work."

He also urged regulatory authorities to ensure that Barclays has a "level playing field" amid fears that some governments are punishing banks more harshly than others.

Earlier this week, This is Money revealed that British Bankers' Association and Barclays chairman Marcus Agius had sent a letter to prime minister David Cameron claiming that UK financial firms have been hampered by regulatory reform.

By Asim Shah
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