Barclays to reveal bankers' pay deals
Feb 27, 2013 (Daily Mail - McClatchy-Tribune Information Services via COMTEX) --
BARCLAYS is expected to reveal hundreds of millionaire bankers on its staff as it reveals more details about pay than ever before.
The scandal-hit lender is expected to make the disclosure over the next two weeks as it publishes its annual report.
It is attempting to move towards a more transparent culture under chairman Sir David Walker and chief executive Antony Jenkins.
Currently banks old have to reveal the number of "code" staff who are responsible for managing and taking risks.
In 2011, Barclays paid 238 code staff an average of pounds sterling 1.2m, including salary and bonuses.
The bank is set to detail the number of staff paid in different brackets, including lower paid staff. This number is set be much higher.
But it will continue its policy of only naming directors alongside their pay packages.
The news comes as Britain's top banking watchdog has lashed out at plans hatched in Brussels to cap bonuses for bankers.
Andrew Bailey, who will head the new Prudential Regulation Authority from April, warned there is a "real danger" lenders will ratchet up basic salaries.
He said this would create higher fixed costs for banks which they would be lumbered with during times of crisis. This, he argued, would make it harder for them to build up the bigger cushions of spare capital required by regulators to protect themselves against future financial shocks.
Bailey's comments come as the Government fights a desperate rearguard action to prevent plans from European lawmakers to cap bonuses at a maximum of one year's basic salary.
Crunch talks are being held today between the European Parliament, the European Council made of member countries and the European Commission.
The proposals are designed to crack down on excessive risk taking in the wake of the financial crisis.
Bailey said capping bonuses would also make it harder to use special powers to recoup pay from errant bankers.
Lenders, including Royal Bank of Scotland and Barclays, are clawing back millions of pounds from staff after a series of scandals. But money can only be clawed back from deferred bonuses which have not yet paid out, not basic salaries.
At a London conference yesterday, Bailey said: "I am sceptical. There is a real danger that a bonus cap pushes up fixed costs." It makes it more difficult to increase retained earnings and build capital and makes it hard to actually claw back remuneration.
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