Barclays considering backdated payrises
by Richard Kilner
Story link: Barclays considering backdated payrises
Bankers’ bonuses are once more in the headlines, and Paul Mumford, senior fund manager at Cavendish Asset Management, has commented on the recent speculation regarding the prospective £1.5bn bonuses at RBS.
Elsewhere, Barclays Capital is thought to be considering 150% backdated payrises for staff.
Mumford has described the rumoured move by Barclays as an indicator of how competitive the inter-bank drive to acquire and maintain talented bankers is.
With banks such as RBS, which are propped up by the taxpayer, under pressure on pay other institutions in a healthier position are able to offer more and corner the market on high calibre professionals.
Mumford went on to describe bonuses as a key component in banking remuneration and argued against the inequality between workers regarding bonuses.
He added that a possible answer could be higher basic salaries, reducing bonuses and the short-term risky behaviour they helped to encourage.
Yesterday it was reported that RBS directors were considering resigning if Chancellor Alistair Darling prevents a planned £1.5bn being paid out in bonuses.
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