Barclays Imposes £450m Libor Bonus Hit

Barclays Imposes £450m Libor Bonus Hit

Barclays is imposing more than £450m of financial penalties on its employees in relation to the Libor-rigging scandal which last year triggered the departure of its chief executive.

I understand that the bank will disclose details in its forthcoming annual report of moves to reduce variable pay for staff by far more than the £291m in fines levied by UK and US regulators.

The disparity between the two figures underlines the determination of Antony Jenkins, Barclays’ chief executive, to demonstrate accountability across the bank for the reputational crisis that engulfed it last summer, according to insiders.

Investors said the move was a step in the right direction but questioned why Barclays had still decided to award £1.8bn in bonuses to its staff given the scale of the misconduct-related fines and charges taken by the bank during 2012.

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