socialmedian: Barclays board discusses bonus cuts

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Source: The Guardian

Nov 08, 2009

Summary

• Bank expected to report profits of £1.5bn, much of it driven by investment arm Barclays Capital
• Directors said to be 'mindful' of public hostility to big pay awards in wake of banking crisis

Non-executive directors of Barclays are urging the bank to show restraint on bonuses this year despite the bumper activity at its investment banking arm, Barclays Capital (BarCap).

Amid fresh controversy about City bonuses, Barclays' board has been discussing how to tackle the tricky issue and is understood to be "mindful" of the current attitude towards big rewards for staff.

The bank, which has bolstered its capital cushion without having to take taxpayer cash, is due to update the City on its third-quarter trading on Tuesday. It is likely to demonstrate that it is generating profits, in contrast to Royal Bank of Scotland (RBS) and Lloyds Banking Group, which were both bailed out by the taxpayer and are both making losses.

Barclays is expected to report profits of £1.5bn. Much of the growth is driven by BarCap, overseen by Bob Diamond, which has been transformed after t

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